Learn Finds vehicle Title Loans Lead to vehicle Repossession for 1 in 5 Borrowers

Learn Finds vehicle Title Loans Lead to vehicle Repossession for 1 in 5 Borrowers

California Reinvestment Coalition Director of Community Engagement Liana Molina released the statement that is following reaction to an innovative new report by the customer Financial Protection Bureau discovering that vehicle title loans don’t work as advertised in most of borrowers, with one in five borrowers having their vehicles repossessed by their loan provider. “This report shines a light in the murky, unscrupulous company of car-title financing. If some other industry seized the house of 1 in five of the clients, they might have already been turn off years back. The CFPB found that more than four in five borrowers can’t while the loans are advertised as a “quick fix” for a money emergency

Manage to spend the mortgage right right straight back at the time it is due, so that they renew it rather, accepting more fees and continuing an unaffordable, unsustainable loan.

Manage to pay the mortgage back in the time it is due, so they really renew it rather, dealing with more fees and continuing an unaffordable, unsustainable loan. (mais…)

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