When taking out a loan or similar cash infusion that has to be repaid over time, it’s important — and required — that lenders provide borrowers with the annual interest rate they’ll be paying before the debt obligation is resolved. Today, federal regulators announced it sued five auto title loans companies for failing to provide that information to consumers in advertisements. [More]
title loans
Feds Sue Five Arizona Title Lenders For Failing To Provide Annual Percentage Rates On Ads
By 9.21.16
Feds Take Action Against Pair Of Deceptive Auto Title Lenders
By 1.30.15
When it comes to short-term, high-interest loans, payday lenders may get most of the headlines, but auto title loans can be just as perilous for borrowers, especially when the lenders use deceptive marketing. This morning, the Federal Trade Commission announced its first ever legal actions involving title loan operations that misled borrowers. [More]
Loophole Allows Auto-Title Lender To Charge Triple-Digit Interest Rates Despite Law
By 7.25.14
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
By 7.21.14
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
By 3.28.07
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.
