This recession had really affected my business and my income. My mall kiosks that sell fake designer sunglasses just were not making money like they used to. The malls I had these kiosks at didn’t care that the recession actually increased my monthly rental fees. So I was barely scraping it by. Then I saw an ad for National title loans.
I wish I had never seen that ad or been lured into this nightmarish ripoff. National title loans made it sound so simple and easy. But if you really understand what they’re doing, which I did not at the time, they’re going to charge you so much money in ridiculous interest (these kinds of interest rates I ave since found are illegal in my state as the state cap rate is 30% per year – they were charging more like that per month!)
The people taking these loans need emergency cash but in the end almost all them end up far worse off and horribly in debt. What happened in May was I soon found that the loan amount and payments swelled far beyond what I could afford or could have ever dreamed of them becoming.
Next would happen is that my car got repossessed and they sold it and I still owed them money. I was getting nasty phone calls telling me that they were going to put me in jail and have me arrested. The employees at National Title loans are all scam artists and a complete ripoff.
They lied to me and they totally did not explain what really goes on and the fact that you not only can but will lose your vehicle to them. Just look at their ads were says they have cars for sale. Guess where they get those cars from? All of their customers! When you can’t pay off the loan which is what happened in just about every case I later found out then they go on repossessed your vehicle.
Then they add more fees, interest and fines to the point where you can no longer even dream of being able to purchase your vehicle back. They suck you into what becomes an unending nightmare and these title loans are deceptive and should be made illegal. I don’t see why they can’t become illegal as they did the same with payday loans in my state.
Regardless, avoid National Title loans and any other title loan company as they are in the business of making a whole lot of money off of people that have bad credit and little money. And their biggest returns come when they repossess your vehicle and sell it at auction or to the public. National Title Loans is a scam and a ripoff!