LoanMax in Newsweek

Brent Finnegan -- May 5th, 2007

Harrisonburg’s LoanMax is mentioned in the current issue of Newsweek.

Thomas Elliott, 36, and Joshua Reel, 26, of Broadway, Va., are fighting to save a car. Last September, they took a $250 loan from Loan Max in Harrisonburg, Va., against a 1988 Pontiac. Both handicapped, they live on Social Security disability and can’t read well enough to understand the loan documents, says their Legal Aid lawyer, Grant Penrod. They thought that a payment of at least $61 a month would retire the loan in four or five months. No dice. They paid $278, then went for help when they saw that the amount they still owed had actually risen to $309.86.

I’ve written about payday lending several times before.

Our delegate, Matt Lohr, has received $2000 in political contributions from LoanMax.

12 Responses to “LoanMax in Newsweek”

  1. David Miller says:

    As long as LoanMax doesn’t support student alliances, who cares what they do to his poorer constituents.

  2. Marcus Elder says:

    Newsweek is notorious for showcasing the sensation of the month and moving on. Why can’t they focus on the failure to fix healthcare instead? I have awful credit, and I took a loan to keep my hospital bill out of collections, which would hurt me more than paying the fees for the title loan. If they’re trying to well up sympathy for folks like me, I would rather get some help with my medical bills.

  3. finnegan says:

    Good point, Marcus. I honestly think a lot of politicians in Washington are hoping that voters keep their focus on Iraq throughout the 2008 elections, so heath care takes back burner.

    If I were to share my thoughts on health care reform, I’d get ridiculed for sure… Suffice to say my close friend is a Canadian.

  4. Bonnie says:

    I unfortunately needed a quick loan and I am still trying to pay off my car loan with Loanmax. Interest is over $300 per month on a $1200 loan. I use to work for a repo co. and they continuously repo cars and they took along time to pay their repo bills. Usually 3 months to get paid on one. We use to have to hold their cars to make them pay. BUT if you are late just a few days, they don’t even try to offer help or extensions. Its a shame for the people above that took at very small loan. The gov’t needs to start helping our victims instead of Iraq. How can they spend millions for other countries and an AMERICAN can’t even get help in our own country. They say Proud to be an American? May be but our gov’t doesn’t care about our homeless or sick and apparently neither does Loanmax

  5. finnegan says:

    That sucks, Bonnie. All you can really do at this point is call/email your state representative and senator (here it’s Lohr and Obenshain) tell them your story, and ask them to vote for for payday loan interest rate caps if/when it comes up next General Assembly session.

  6. Rollie says:

    I feel for anybody that fell pray to loanmax. I also needed money in a hurry and went to them. Then I got hurt and was unable to pay of my loan on time. They wouldn’t work with me at all, I tried to buy some time but instead they took my car. Please be carefull

  7. laura says:

    hi everyone,i recently took out a loan from loanmax,@now i know it was a very bad decision. I called tham @ asked for a two-week exitension,they said “NO” now i have three days to come up with#275.00@thats just the INTEREST!!I think their going to take my car,i am on social security disability and i live where theirs not public transportation. I have went to a couple differnt car loan places and never had a problem.I HATE LOAN MAX!!!!thanks @be careful

  8. laura says:

    hello everyone,my last comment must have got lost. LoanMAX is the worst company i ever went to,i never had any trouble with other loans. they have told me in three days they will reposses my car unless i give them$275.00. They will not work with me. Please do not use them for a loan.

  9. keenya says:

    its been almost a year since i had my loan out with loan max. they do not work with you and as for helping you find a payment plan, whatever! they dont have my vehicle but im still trying to find a way out of this mess. they wouldnt even help me when the company i work for forced me part time. i have 4 children with doctors appt. and thats my only means of transportation. if anyone knows anything that might help let me know.

  10. Hrmm that was weird, my comment got eaten. Anyway I wanted to say that it’s nice to find the info here. I have looked everywhere. Thanks again!

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