Cashmax Title and Loan

We have received [redacted]'s complaint through the Revdex.com online portal. At [redacted] we strive to provide the best customer service in the industry and we regret that [redacted] did not experience great service at our location in [redacted].Payday and title loans across the industry work...

very much the same way. Loan due dates are set in connection to the customer's pay date and contracts are reviewed with customers every time. It is a lengthy process but it is what is required by law.[redacted] has several options on how to pay her single payment title loan. Below are the options in no particular order:·         Pay the CSO + third party lender fees only and refinance the principal amount borrowed effectively giving the customer one more month to pay the loan.·         Pay the CSO + third party lender fees plus any amount towards the principal amount and refinancing the remainder principal amount effectively giving the customer one more month to pay the remainder of the loan.·         Pay the CSO + third party lender fees plus the principal amount in full and this would get the loan paid off and her title returned free and clear of the lien.After reviewing [redacted]'s account it shows that she initially opened a title loan on 2/14/17 with a due date of 3/10/17 for $328.00 (including a $28.00 line fee charge for public officials). She came in on 3/10/17 and paid a total of $200.00 which $101.19 were fees and the remainder was applied to her principal balanced. Since the loan was not completely satisfied on 3/10/17, [redacted] opted to refinance the remainder principal amount of $229.19 with a due date of 4/7/17, signing a new contract for the new and lower principal amount. On 4/7/17, [redacted] paid that loan completely and her title was returned free and clear of lien.[redacted] returned on 10/21/17 to open a new loan for a larger amount of $2028.00 (including a $28.00 line fee charge for public officials). This loan was due on 11/16/17 and [redacted] paid the fees plus extra funds to lower the principal amount. The total paid was $468.00 which $395.58 were paid to fees and the remainder on $72.42 applied to the principal amount borrowed. Since the loan was not completely satisfied on 11/16/17, [redacted] opted to refinance the remainder principal amount of $1955.58 with a due date of 12/14/17, signing a new contract for the new and lower principal amount.We try to keep our stores properly staffed and to do so we ask the customer to give a roundabout time they will come in to pay the loan on the due date. Unfortunately we are not equipped to email or mail contract that need to be signed. Contracts are printed at the store and explained to customers at that time. Our employees are audited for compliance and this is one area auditors look at, reviewing loan agreements with consumers. We are a regulated Credit Services Organization (CSO) following all local, state and federal laws governing the finance industry.Proposed resolution:We will waive the late fee that was added on 12/24/17 of $117.18 and offer her an extended 4 (four) payment plan that includes principal amount owed plus fees associated with the loan.Principal                       $1955.58 Third Party lender fee $24.21CSO Fee                       $370.19Late Fee                       $117.18Total                           $2467.16 Late Fee WAIVEDNew Total Owed          $2349.98The new total owed of $2349.98 divided in 4 payments of $587.50 each payment due every month for a total of 4 months.[redacted] can contact the store at [redacted] to schedule her 4 payments. When a payment is made it will be directly applied to the amount owed and she will sign a receipt only. When the 4 payments of $587.50 each are made, we will return the title free and clear of liens.If you require additional information please do not hesitate to contact me at [redacted].