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No Right Turn: Illinois’ Auto Title Loan business and its particular effect on customers

No Right Turn: Illinois’ Auto Title Loan business and its particular effect on customers

Resource Overview

Illinois individuals are increasingly looking at high-cost car name loans (title loans) so that they can pay the bills, but becoming caught with debt.

Title loans are one kind of high-cost, small-dollar loans for sale in Illinois. Despite their similarity to pay day loans and installment loans, name loans aren’t at the mercy of the exact same customer defenses under Illinois state legislation. Title loan regulations used last year created some minimal protections, however they are inadequate in order to make name loans safe and affordable for customers. Analysis associated with the ongoing state of auto title lending in Illinois indicated that:

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