Tag: LoanMax
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Lawmakers protect title loan firms while borrowers pay sky-high interest rates
By Fred Schulte
Center for Public Integrity
It’s legal in about half the states to pledge a car title as collateral for short-term loans of a few hundred dollars or more. Many of these states allow lenders to tack on interest that can top 300 percent, and to seize and sell off cars when borrowers fail to pay.
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