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Single-payment auto name loans are gateway to difficulty, report suggests

Richard Cordray, manager for the customer Financial Protection Bureau, testifies at a hearing by the Senate Banking, Housing and Urban Affairs Committee. (Picture: Alex Wong, Getty Pictures)

Borrowers whom sign up for single-payment loans guaranteed by the titles on the autos usually find yourself mired in debt, relating to a brand new federal analysis planned for release Wednesday.

Created as being a real method for strapped borrowers to survive a money crunch between paychecks, the loans typically carry interest levels of 300%. Weiterlesen