Car Title Loans Quiz
Consumers can get quick ash through car title loans if they are willing to use their car as collateral. Title loans typically are due after 30 days, and the lender holds the borrower’s car title until the loan is paid in full. After 30 days, the loan either gets paid or renewed for another 30-day cycle, or it goes into default and the vehicle gets repossessed.
For more information:
Missouri Auditors Website. (May, 2001). Division of Finance and Regulation of Instant Loan Industry, Performance Audit, Report No. 2001-36. http://auditor.mo.gov/press/2001-36.htm
Missouri Division of Finance Website (n.d.). Chapter 367, Pawnbrokers and Small Loans. http://www.missouri-finance.org/upload/cclawbook_-_8-06.pdf
Missouri Secretary of State Website (n.d.). Department of Economic Development, Division 140, Division of Finance, Title Loan Companies. http://www.sos.mo.gov/adrules/csr/current/20csr/20c1140-29.pdf
Quester, A. & Fox, J.A. (2005). Car Title Loans: Driving Borrowers to Financial Ruin A Report by The Center for Responsible Lending and The Consumer Federation of America. Retrieved on November 23, 2007 from http://www.responsiblelending.org/pdfs/rr008-Car_Title_Lending-0405.pdf
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