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Single-payment automobile title loans are gateway to difficulty, report suggests

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

Borrowers who remove single-payment loans guaranteed because of the games on the autos usually find yourself mired in debt, based on a new analysis that is federal for launch Wednesday.

Designed as being a real method for strapped borrowers to endure a money crunch between paychecks, the loans typically carry interest levels of 300%. But, the buyer Financial Protection Bureau analysis discovered the loans usually include costlier-than-expected results:

  • One out of five borrowers who sign up for a single-payment name loan to their automobile or truck find yourself having their automobile seized by the lending company for non-payment.