SIMON: We’re talking about car title. loans. Where states have loopholes in their laws, the lenders will exploit that, as we’ve seen in Ohio and in Virginia and in Texas and other places. SIMON: What are the loopholes? STANDAERT: So.
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The federal government is imposing tougher standards on payday lenders in the Lone Star State. The Consumer Financial Protection Bureau has issued a new rule designed to regulate any abusive practices by auto-title. loans. According.
Wise and Johnson counties had their car repossessed last year. For those who did not refinance, the average cost to repay a $500 title or payday loan in the Parker County area was $593 to $1,113, according to Texas Appleseed. The.
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In Monday’s letter, Brown urged bureau director Richard Cordray to make sure its payday rules are expansive enough to address online payday loans; auto title loans. their triple-digit interest rates. After Texas passed a law restricting.
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It’s called a debt trap and “it is the core of the payday and car title lender business model. So they take out another loan. Then another. VALDEZ: Hate predatory loans? Then tell Congress to keep its mitts off this agency “This trap.
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