Spend $2,140 to borrow $950? That’s exactly how vehicle title loans work
Desperate customers who will be away from borrowing options are employing their automobiles as security and having to pay $3.5 billion per year in interest for the so-called “title loans, ” the middle for Responsible Lending stated in a study granted this week. The typical loan is $950, and borrowers just take an average of 10 months vbs max lend to settle the loans, meaning they will invest $2,140 to borrow the funds, the report stated. Read more →