Early in the day this Maryland Attorney General Brian E. Frosh announced charges brought by his Consumer Protection Division against a title loan firm month. Frosh alleged that the name loan company issued unlicensed and usurious name loans in Maryland, causing economic injury to susceptible Maryland residents while placing them at an increased risk for repossession.
A name loan is really a short-term loan that typically carries a higher rate of interest and needs the debtor to offer the title up with their automobile as collateral. The name loan company at issue ended up being purported to make loans to customers, maintaining the games with their cars in the event of standard. The title loan company would repossess and sell the vehicle if a borrower failed to make a monthly payment.
Title loans in many cases are attracting low-income borrowers with bad credit, just because a credit check is not expected to get access that is quick money. Continue reading “Attorney General Data Charges Against Maryland Title Loans Companies”