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RIP OFF DO NOT USE
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I had an emergency so I had to take out a title loan. I shopped around to different title loan companies and asked for what their interest rates were for the loans to get the best lowest interest rate possible. I know these title and pay day loan companies
have much higher interest rates than regular loans so I wasn't too surprised with they all told me between 18% to 30% interest rates. I went with Wilshire Consumer Credit because I was told it would be 18% interest on the loan which I was fine with it. Took
out the loan for $4700.00. Been making payments of $360 per month. I called today to see if what my payoff of the loan would be and find out it is still $4736.00 which I have already paid almost $2600.00 into the loan. I asked why my loan is not getting any
lower. Come to find out my payments are all going into the interest payment and my interest rate is 85% not 18%. I was so shocked! Then I asked them to give me a breakdown of how much of my monthly payment is going to the interest and how much is going toward
the actual loan. They dodged and ducked and said they could not give a answer until I make my next monthly payment. I wanted to know what is my pay off amount is good till before the interested is recycled. They told me it recycles right away the day after
the monthly payment is made and I would have to call to ask for the final payoff balance the day I want to pay off the loan. If I don't pay off the loan now I am locked in with them till 2017. My final loan paid would be $16000.00 by the time my loan is paid
in 2017. OMG!!!! I just realized that I had taken a loan out with a real criminal loan sharks! The only difference between these guys and the mafia is that Wilshire presents themselves as a business with a business license. DO NOT USE THIS COMPANY!!! YOU WILL
BE IN DEEPER DEBT! AND THEY WILL TAKE YOU CAR TO COLLECT!!!
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