KISSIMMEE, Florida. – A woman from Kissimmee said a lender with a controversial track record would not hand over her insurance check to pay for repairs after an accident.
The owner of the car, Marielis Diaz, was in need of a loan and she said Instaloan seemed like a good option. Her car title got a loan of $ 2,500, but a year later she is unhappy.
“Basically, it’s the interest. I feel like I will never repay this loan, ”she said.
After making monthly payments for a year, Diaz still owes $ 2,500. His loan has an interest rate of 41 percent.
Consumer groups have said the interest charges are much higher. Each month she has to pay additional fees that add up. So it’s really closer to 80 percent. But that’s not Diaz’s real nightmare.
Three months ago, someone crashed into Diaz’s Acura and smashed a back door. Her insurance company wrote a check for $ 1,700 to pay for the repairs, but Instaloan won’t let her cash it.
“It’s my insurance. So that’s my money that I should get to fix my car, ”Diaz said.
The insurance check mentioned Instaloan as a co-signer since it has a lien on the vehicle.
But Diaz is not behind in payments. So when he refused to sign it to cover the repair bills, she called Action 9.
“Is there a director here?” Todd Ulrich of Action 9 asked the Kissimmee Instaloan. “Marielis Diaz, can she get her insurance check to pay for the repairs?”
“You have to go out and go to our website,” one official replied.
So far, its head office has not responded to Ulrich’s request for comment.
Instaloan is a big chain, and it’s rated F on the BBB for unanswered complaints.
“She really needs the money to get her car fixed,” Ulrich said.
Ulrich contacted the client’s insurance company, which is now trying to help Diaz.
“The damage is still there. I still have to get it fixed, ”Diaz said.
The insurance company will try to pay for the repair shop itself, so that Marielis Diaz can repair her car.
Car title loans should be a last resort, short term option only.
Cox Media Group