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A car title loan, or “pink slip loan,” allows you to borrow anywhere from 25 percent to 50 percent of the value of your vehicle in exchange for giving the lender the title to your vehicle as ...
Brownsville, Texas, a city in the state's southernmost part, is taking on payday lenders. In December, it placed a six-month moratorium barring these lenders -- which specialize in short-term ...
Car title loans and payday lending should be stamped out by Yendo’s less predatory model, Miller argued to Fortune. “The size of the U.S. population that is credit-strapped is so much bigger ...
In 2001, Texas passed a law capping interest rates on title loans and payday loans. However, lenders are getting around the restrictions by exploiting loopholes allowing them to lend for the same purposes, with high-interest rates, disguised as loan brokers or as a Credit Services Organization (CSO).
This is an accepted version of this page This is the latest accepted revision, reviewed on 17 January 2025. Short-term unsecured loan A shop window in Falls Church, Virginia, advertising payday loans. A payday loan (also called a payday advance, salary loan, payroll loan, small dollar loan, short term, or cash advance loan) is a short-term unsecured loan, often characterized by high interest ...
Loan type. Time to funding. Personal loan, payday loan, title loan. 1-7 business days. Credit card cash advance. Instant. Home equity loan, HELOC. Up to 45 days
The federal government regulates payday loans because of: (a) significantly higher rates of bankruptcy amongst those who use loans (due to interest rates as high as 1000%); (b) unfair and illegal debt collection practices; and (c) loans with automatic rollovers which further increase debt owed to lenders.
A payday loan is a type of instant loan that lets you borrow $500 or less, usually without a credit check. Payday loans typically have to be repaid within two weeks or by your next pay period.
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