Title Loans Stores Often Engage in Predatory Lending
July 5th, 2007 by John CampbellTitle loans are dangerous business. A person borrows money from a company, but in exchange they must give the title lender the title to their car and a copy of the key. If they don’t pay on time, they lose their car. Adding to the problem is the fact that title loans often carry annual percentage rates that exceed 300%, and these loans can drag on for a year or more. This means that a loan for $500 can cost a consumer $1500 in interest in one year without the principal being reduced at all.
As we have continued to work with clients who have taken out title loans, we have learned that although Missouri law provides strict regulations and protections for consumers, many title loan stores do not follow these laws. We have filed a class action against one title lender, and we are interested in talking to anyone who has taken out a title loan in Missouri. If you have taken out a title loan and fear your rights have been violated, please feel free to contact me at jcampbell@simonpassanante.com or click here to email me now.
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