Consumer complaint received 2024-09-29 00:00:00
Product: Payday loan, title loan, personal loan, or advance loan — Title loan
Issue: Charged fees or interest you didn't expect — 
Company: CCF Intermediate Holdings LLC
State: AZ

Complaint narrative:
I am writing to formally file a complaint regarding my recent experience with TitleMax at the store located in XXXX XXXX  the Address of the Store is XXXX XXXX XXXX XXXX XXXXXXXX XXXX XXXXXXXX which I believe involves unethical and potentially unlawful lending practices. I took out a title loan with TitleMax on XX/XX/year> under the impression that I would receive fair treatment and transparent terms. Unfortunately, this has not been the case. 

I was initially drawn to TitleMax because of your advertised promises of quick cash and flexible repayment terms. However, the interest rate that was imposed on my loanan astronomical [ insert interest rate ] has made it nearly impossible to repay the loan. Despite making consistent payments, I have found that the majority of my payments go toward interest, and the principal amount remains almost unchanged. This has trapped me in a cycle of debt, which feels intentional and predatory. 

During the loan process, your representatives did not fully explain the long-term consequences of rolling over my loan or how quickly the interest would accumulate. When I inquired about the total cost of the loan, the information provided was unclear, and certain fees were not disclosed upfront. I was led to believe that the loan would be manageable, but I was not made aware of the extreme financial burden it would impose.

TitleMaxs advertising implies that your loans are a short-term solution for financial emergencies, but based on my experience, they are designed to keep borrowers in perpetual debt. I believe your companys marketing is misleading and takes advantage of individuals in vulnerable financial situations. Your advertisements emphasize fast cash and easy payments without properly disclosing the high-interest rates and fees associated with your loans. 

When I attempted to discuss my concerns with your customer service representatives, I was met with unhelpful and dismissive responses. Rather than working with me to find a solution, your team insisted that I either make full payments or face repossession of my vehicle. The lack of empathy and assistance in finding a fair resolution has been extremely disappointing and stressful.

I feel that TitleMaxs business practices are not only unethical but also violate consumer protection laws, such as those regulating usurious interest rates and deceptive advertising. I am formally requesting a review of my loan terms, a reduction in the interest rate, and a clear explanation of all fees. Additionally, I ask that TitleMax revise its lending policies to ensure greater transparency for future borrowers.

If I do not receive a satisfactory response within [ 1015 ] business days, I will be forced to escalate this matter to the appropriate regulatory bodies, including the Consumer Financial Protection Bureau ( CFPB ), and consider legal options. 

Thank you for your attention to this matter. I hope to resolve this issue in a fair and timely manner.

Company response to consumer: Closed with explanation