Payday loan foes aim at car-title loans
They claim title loans - short-term, high interest loans secured by a car title - can be even more disastrous than payday loans. “They can both trap borrowers in long-term debt, but with a payday loan the collateral is a personal check. With a car title loan, it’s the family’s probably most important asset,” said […]
Payday Loan Foes Aim at Car-Title Loans
For years payday lenders have been the bad guy in the predatory lending debate while their close cousin, car title lenders, have cruised along unnoticed — and perhaps more disturbing for some — unregulated in several states. Many efforts to regulate the industry have failed as the lenders pour hundreds of thousands of dollars into […]