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As published may 18, 2016 on consumerfinance

WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today issued a study discovering that one-in-five borrowers who sign up for a single-payment car name loan have actually their car or truck seized by their lender for neglecting to repay their financial obligation. In line with the CFPB’s research, significantly more than four-in-five of those loans are renewed your day they truly are due because borrowers cannot manage to repay these with a solitary repayment. Significantly more than two-thirds of automobile name loan company arises from borrowers whom crank up taking out fully seven or higher consecutive loans and navigate to website so are stuck with debt for many of the season.

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