Loophole Allows Auto-Title Lender To Charge Triple-Digit Interest Rates Despite Law

Loophole Allows Auto-Title Lender To Charge Triple-Digit Interest Rates Despite Law

Consumer advocates have long claimed that usury caps are the best way to protect borrowers from predatory lenders offering payday or auto title loans. But even those protections aren’t surefire. A title loan company in Florida has been skirting the state’s cap for the past three years. [More]

CFPB Now Accepting Consumers’ Prepaid Card, Debt Settlement And Title Loan Complaints

CFPB Now Accepting Consumers’ Prepaid Card, Debt Settlement And Title Loan Complaints

Just in time for the fourth anniversary of its creation, the Consumer Financial Protection Bureau announced its expanding the type of consumer complaints it accepts to include prepaid cards and other nonbank products. [More]

Car Title Loans Banned In Iowa

Car Title Loans Banned In Iowa

Car-title loans have astronomical and unjustified interest rates, typically 264% and sometimes 360%. On top of that, the consumer puts his or her car at risk – the car-title loan company takes a lien on the car and actually takes keys to the car to make repossession easier.