Car Title Loans Quiz
Consumers can get quick cash through car title loans if they are willing to use their car as collateral. Title loans are typically 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.
1. Missouri had about 260 car title lenders in 2008.
2. What is the maximum amount of money car title lenders can make loans for?
3. What is the minimum car title loan term in Missouri?
4. The Missouri Division of Finance sets limits on the fees that can be charged on a car title loan.
5. Often the annual percentage rate (APR) on car title loans, if you count fees and interest, exceeds…
6. What amount does a borrower have to pay off in order to renew a title loan the first and second time?
7. Title lenders renew loans ___ times for every new title loan that they make.
8. A consumer may cancel a loan at no cost by returning the full principal amount borrowed by the next day.
9. Where must title loan lenders store repossessed vehicles?