![]() The investigation uncovered that the company issued approximately 2,745 automobile title loans to Massachusetts consumers which were less than $5,000 in principal and contained usurious interest rates of up to 300 percent. following several complaints from consumers. The AG’s Office began investigating NH Title Group, Inc. “We will continue to aggressively pursue companies that engage in illegal auto lending practices and hope that this sends a message that we will not tolerate lenders scamming our residents.” “This company targeted financially strapped consumers and engaged in harmful tactics to collect on illegal loans, including repossessing cars,” said AG Healey. ceased doing business in Massachusetts and New Hampshire in 2019. and Capital Title Loan, allegedly charged Massachusetts borrowers usurious interest rates for small dollar automobile title loans and engaged in unlawful debt collection and automobile repossession practices. The assurance of discontinuance, filed in Suffolk Superior Court, resolves allegations that the New Hampshire-based company NH Title Group, Inc. Therefore, we urge you to make an informed decision and look for more feasible options before resorting to this one.BOSTON - A motor vehicle title lender has agreed to provide over $900,000 in debt relief, restitution, and penalties to resolve allegations that it engaged in illegal auto lending practices, including making consumer loans with exorbitant interest rates, pursuing debts with excessive phone calls and emails, and threatening repossession of cars, all in violation of Massachusetts consumer protection laws, Attorney General Maura Healey announced today. ![]() ![]() However, there are many things to consider before taking out a logbook loan, such as high APRs and interest rates. And also, people don’t have to worry about their credit score. People may find the option of logbook loans enticing as it’s easy to borrow a loan this way. They will, however, require the existing lender’s approval. If the ongoing loan on your vehicle is about to come to an end, some lenders might approve your loan.You are entitled to a ‘statement of account’ if you can’t keep track of what you’ve paid and how much you owe to your lender.However, if they don’t accept direct debit, you may find it tough to juggle all the repayments and bills. Some lenders may insist on a weekly or fortnightly repayment plan.Some lenders may levy an early repayment fee, so go through the paperwork thoroughly.APR on these loans can go as high as 300%, so arrange a plan to repay this loan as fast as possible.If you wish to get a title loan, you should keep some things in mind: Based on your agreement with the lender you may lose some consumer rights.You can qualify for this loan only if you’re the legal owner of your vehicle and there is no outstanding loan associated with it.You are risking the possession of your vehicle if you fail to repay the loan on agreed terms.Title loans/logbook loans have outrageous interest rates.While the plus side is that you can get small loans with more favourable repayment plans, there are several downsides associated with a title loan, some of which we’ve outlined for you: While taking out a logbook loan, the lender will require your vehicle’s registration documents, as well as the logbook. Typically, lenders would lend around 25%, ranging between £500 and £50,000. You can borrow up to half of what your car is worth.How much can you get for a title loan/logbook loan? By law, the lender must send you a notice on missing a payment first. Some loan companies may allow the borrower to pay the interest monthly until the loan is repaid in full. In case a borrower defaults, the lending company will be entitled to immediate repossession of the borrower’s vehicle.However, borrowers have the liberty to choose from a range of repayment plans – monthly, multi-year, etc. Usually, car title loans allow borrowers to repay the loan as a lump sum, as opposed to repaying through monthly instalments.The typical loan term of a title loan ranges between 15 to 30 days, which may change depending on the amount of money borrowed. ![]() People usually borrow up to £1000 via car title loans.You can then borrow up to 25% of your car’s worth from this lender, while they keep your vehicle’s title to cover for the loss in case of a default. A prerequisite to borrowing a car title loan is owning a vehicle, after which you need to sign the title over to an auto loan company.Debt Consolidation for Credit Card Debt. ![]()
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