People who put their cars up as collateral for what are supposed to be short-term emergency loans are being hit with 300% interest rates, a high repossession rate and long repayment periods. SUV being loaded onto a tow truck (Thinkstock)Thinkstock That’s according to a Consumer Financial Protection Bureau study released Wednesday. The report is the […]
Month: May 2016
One-time payment car title loans can cause long-term debt
Most borrowers who take out a one-time payment car title loan end up borrowing again because they can’t afford to make the payment when due, according to a new federal study. That’s why a lot of auto title business comes from borrowers who end up taking out multiple loans in a row and staying in […]