Q: How to start a class action suit against Title Max Inc. in California for predatory loan practices.
They charge 300 to 500% interest on their title loans for example, for a $2500 loan you end up paying about $10,000 on that loan. It should be illegal and no respectable financial institution would take it vantage of their customers in such a way. They have an F rating with the Better Business Bureau nationwide. There has been class action suits in two different states against Title Max with them losing and having to pay back millions to their customers. I’m sure there are thousands and thousands of people in California affected by this scam that Title Max is running. Your advice is greatly appreciated.
A: To my understanding, there is no limit on interest rates for loans over $2,500 from a duly licensed finance lender. See Financial Code section 22007 & 22303.
1 user found this answer helpful
A: Nevertheless, it is worth approaching a Consumers Rights Attorney to see whether there are any remedies available to you.
1 user found this answer helpful
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