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Desperate consumers who will be away from borrowing options are employing their cars as security and having to pay $3.5 billion per year in interest for the alleged “title loans,” the middle for Responsible Lending stated in a study given this week. The typical loan is $950, and borrowers simply take an average of 10 months to settle the loans, meaning they will invest $2,140 to borrow the amount of money, the report stated.
How big the name loan marketplace is roughly add up to how big is the cash advance market, which includes received much more attention from regulators, in line with the report. Continue reading “Let me make it clear about Pay $2,140 to borrow $950? That is just just just how vehicle name loans work”