Let me make it clear about Pay $2,140 to borrow $950? That is exactly exactly exactly how vehicle title loans work

Let me make it clear about Pay $2,140 to borrow $950? That is exactly exactly exactly how vehicle title loans work

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Desperate customers who are away from borrowing options are utilizing their cars as security and having to pay $3.5 billion a year in interest for the alleged “title loans,” the middle for Responsible Lending stated in a study issued this week. The loan that is average $950, and borrowers just take an average of 10 months to settle the loans, meaning they’re going to invest $2,140 to borrow the amount of money, the report stated.

Read moreLet me make it clear about Pay $2,140 to borrow $950? That is exactly exactly exactly how vehicle title loans work