As pay day loan numbers have actually fallen, some borrowers most likely have actually shifted to automobile name loans rather. But name loans are only an alternative, and perhaps worse, style of monetary poison.
Like payday lenders, name loan providers may charge rates that are triple-digit as much as 300% APR. But name loan providers also make use of a borrowerвЂ™s automobile name as security for the loan. The lender can keep the vehicleвЂ™s whole value, even if it exceeds the amount owed if a borrower canвЂ™t repay. Read More