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   Real review of "TitleMax Title Loans" in Richmond, VA!

We are NOT interested in advertising or anti-advertising of any financial company!
All reviews are published without making any changes.

  Sandra Beale sent us her review October 24, 2016.

  Visited address:
  4711 W Broad St, Richmond, VA 23230, USA

"Back in 2012, due to an extremely unforeseen emergency, I and my husband had to use TitleMax's title loan to get an emergency fund. Both my husband and I was not in a very stable financial condition back then (thankfully was improved), and our credit score was bad so we can't get a loan from a bank.

Long story short, we finally get our title loan from the TitleMax store at 4711 West Broad St, Richmond. The process was very simple and straightforward, and we got the fund we needed of $1,000. For that loan of $1,000, we would need to make a monthly payment of $156, interest only, and any excess would be applied to the principal. It was less than ideal, but due to our pressing situation, we took the loan nonetheless.

We paid the loan for the first few months without any trouble, and I was taking a maternity leave for our second child's birth. The problem then started when my husband lost his job, and although he did get another job in just a few days, we would fall at least two weeks behind the TitleMax loan payment. We didn't want to run away from our responsibility and having a newborn baby in the house, we would definitely want to avoid having a collector making endless calls and knocking at our door every day, so we gave TitleMax a call notifying the situation.

At first, they seem really understanding of the whole situation, and so we kept in touch, and finally sent our check as a priority mail, and we did call to give them the tracking number. They received the check roughly two days later (didn't really remember as this was quite some time ago), and we confirmed again via phone call that they indeed received it, so we thought we can take a breather.

However, two days after they confirmed to have received the payment, a towing company came to repossess our car, which really took us by surprise. We made a phone call and was directed to few different persons and departments to no avail, and they went ahead with the repo anyway. We kept making calls and was unsuccessful in reaching the corporate HQ, but finally could get in touch with a district manager who said that the repossession should never have happened and that he would call us back.

However, the towing company won't cooperate with us and even won't give us their location, and only after endless phone calls they finally admitted that this was a miscommunication and would return our truck WHEN THEY HAD THE CHANCE. We waited another week until we finally got our car back, and it was overall a very unpleasant experience.

Thankfully, we didn't need to make another late payment until we're through, so we didn't have to deal with another repossession and collections. I also read other reviews about their harsh and rude collection processes, so I was very fortunate not having to handle with that.

Overall I wouldn't recommend taking a title loan (as well as loans to payday) in the first place, as the interest is very expensive. And if you absolutely need to, make sure to be careful about not making any late payments as much as possible."