Sentences with phrase «auto title loans because»

People choose auto title loans because they're faster than other ways of borrowing.

Thousands of people choose auto title loans because they're faster than other ways of borrowing.

Thousands of people are choosing auto title loans because they are easier and faster to get than other funding1.

Not exact matches

The offer might prove too tempting to someone who might otherwise never take out an auto - title loan, said the regulator in a bulletin to lenders: «This business model could also be perceived as a deceptive practice because it appears calculated to bring the consumer into the store with the promise of one product, but later effectively requires the consumer to go to another location to purchase another product.»

This form of lending is concerning for three main reasons: Like storefront payday lending, auto - title lending carries a triple digit APR, has a short payback schedule, and relies on few underwriting standards; the loans are often for larger amounts than traditional storefront payday loans; and auto - title lending is inherently problematic because borrowers are using the titles to their automobiles as collateral, risking repossession in the case of default.

In part, this is due to auto title loans like ones offered by LoanMart, because although it is currently easier to obtain a bank account, there are still many strict requirements and wait times for traditional loans.

Auto title loans should be avoided and are considered somewhat equivalent to payday loans; because of the likelihood of repossession, they may even be worse.

Many people don't consider auto title loans for their financial strife because they think that they are only for generic debts like mortgages and bills.

Even payday loans may be preferable to auto title loans, simply because defaulting won't result in losing your car.

A title loan is also referred to as an auto title loan, because you are using an automotive vehicle title as collateral to secure the loan.

According to a new report from the Consumer Financial Protection Bureau (CFPB), 20 percent of auto title loan borrowers on single - payment plans have their vehicles seized because they can not pay them back.

An auto title loan is a wise choice because you are using money you already invested into your vehicle to secure your loan, so you have essentially already done the difficult part.

Auto title loans are «incredibly dangerous» because borrowers continue to pay fees to extend and end up paying out far more than they expected or planned for, says Saunders.

Because you're using your car as collateral, auto title loan companies typically don't run a credit check.

While LoanMart does require a proof of income because we want to make sure you can afford to take out this auto title loan and still survive.

Because so many auto title loan borrowers ended up tapping their personal networks for cash to pay off their loans anyway, it might make sense to start there.