auto title

Report: Increasing Number of Illinoisans are Trapped by Predatory Auto Title Loans

“Because title loans are largely unregulated in Illinois, lenders have increased loan terms to an average of over 18 months while still charging interest rates over 200 percent APR,” said Spencer Cowan, Senior Vice President of Research at Woodstock Institute. “Multi-year, triple-digit loans are incredibly expensive and, with the borrower’s car title securing the loan, there is very little incentive for the lender to consider the borrower’s ability to repay the loan with his or her existing income.

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