Spend $2,140 to borrow $950? That is just just how automobile title loans work
Desperate customers who’re away from borrowing options are utilising their cars as collateral and spending $3.5 billion per year in interest for the alleged “title loans,” the middle for Responsible Lending stated in a written report released this week. The loan that is average $950, and borrowers just just take an average of 10 months to settle the loans, meaning they’re going to invest $2,140 to borrow the funds, the report said. Continue reading