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Review 7/21/2011
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BEWARE OF THIS COMPANY!!!! This review is for Tool City Inc. DBA City Loan. I am amazed that their employees sleep at night. Their interest rate ranges from 8%-10% monthly. Which means the annual percentage rate (APR)is approx. 123.83%, depending on your monthly interest rate. For instance, if you borrow $2,600.00, you will be paying $9,000.00+ by the end of the loan. They put a device on your vehicle, so it can be repossessed at any time/ anywhere. When repossessed, they will claim your insurance lapsed, or registration expired, or no payment received. Then add additional fees and will never admit it was their mistake. This company targets people who are already in dire straights financially and puts them in an even worse position. Again, PLEASE PLEASE stay away from this company or any other company that conducts business in this way. This loan company is in a huge money making position, which unfortunately puts people who are just trying to feed their families in a worst position. They also make a claim about their good customer services. My sister & I have experienced them first hand. At times, I was put on hold in which, Ignacio (rude employee) never came back on the phone. I would call back and get voice mail. Good luck with a return call, and if they do call back, they will put you on hold for an extended period of time. Gary was also an extremely rude employee. On a more personal note, my sister who took the loan out in order to keep a roof over her head has been battling Lupus, which is a life threatening disease. She has had more flares in the last 10 months, since dealing with City Loan, than she has had in the last 3 years. If you want stress beyond belief, this is your company!!!
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Business's response - on 7/30/2011
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Thank you for taking your time to give us feedback. I'm sorry to hear about your sister's illness. After reading your comment, I feel I owe you some explainations. First, we always advice every customer that they should use us as "a last resort" and payoff their loan as soon as possible due to the high interest rate, which is the nature of car title loan business. Second, I'm very sure that our loan officers went over every detail of the loans (e.g. interest rate, payment terms, etc.) with your sister before she signed the contract. Finally, please ask your sister to contact us and mention that we talk on this website. As you can see from the BBB website, we have a very small number of complaints filed with the BBB (ten times lower than our main competitor) because we provide superior customer service and we are willing to work with every customer.
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