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Single-payment car title loans are gateway to difficulty, report suggests

Mittwoch, September 30th, 2020

Single-payment car title loans are gateway to difficulty, report suggests

Richard Cordray, manager of this customer Financial Protection Bureau, testifies at a hearing by the Senate Banking, Housing and Urban Affairs Committee. (Picture: Alex Wong, Getty Pictures)

Borrowers whom sign up for single-payment loans guaranteed because of the games on the autos frequently find yourself mired in debt, in accordance with a fresh analysis that is federal for launch Wednesday.

Designed as being a method for strapped borrowers to endure a cash crunch between paychecks, the loans typically carry rates of interest of 300%. Nevertheless, the buyer Financial Protection Bureau analysis discovered the loans usually have costlier-than-expected results:

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