Driven to Disaster-How City Council can help!!
Joint research from CRL and the Consumer Federation of America finds that car-title loans—small-dollar loans secured by the title to a vehicle owned outright—cost U.S. consumers $3.6 billion a year in interest on $1.6 billion in loans.
•A typical borrower receives cash equal to only 26 percent of a car’s value, yet pays 300% APR.
•The average car-title borrower renews a loan eight times, paying $2,142 in interest for ...
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