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A car title loan, or “pink slip loan,” allows you to borrow anywhere from 25 percent to 50 percent of the value of your vehicle in exchange for giving the lender the title to your vehicle as ...
Car title loans and payday lending should be stamped out by Yendo’s less predatory model, Miller argued to Fortune. “The size of the U.S. population that is credit-strapped is so much bigger ...
In 2001, Texas passed a law capping interest rates on title loans and payday loans. However, lenders are getting around the restrictions by exploiting loopholes allowing them to lend for the same purposes, with high-interest rates, disguised as loan brokers or as a Credit Services Organization (CSO).
In more than 120 locations, the company operates as SpeedyCash where in addition to title loans, they also offer payday loans, installment loans, and check cashing. [10] The company sponsors the SpeedyCash.com 250, a NASCAR Craftsman Truck Series race at Texas Motor Speedway and as a sponsor for Front Row Motorsports in the NASCAR Cup Series. [11]
A 2012 study by Pew Charitable research found that the majority of payday loans were taken out to bridge the gap of everyday expenses rather than for unexpected emergencies. The study found that 69% of payday loans are borrowed for recurring expenses, 16% were attributed to unexpected emergencies, 8% for special purchases, and 2% for other ...
Consider some alternatives to title loans that come with fewer risks. Payday alternative loans: A payday alternative loan, usually offered by credit unions, allows you to borrow anywhere from $200 ...
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