Earlier 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 business issued unlicensed and usurious name loans in Maryland, causing monetary problems for susceptible Maryland residents while placing them at an increased risk for repossession.
A name loan is just a short-term loan that typically carries a top rate of interest and needs the debtor to offer the title up with their automobile as security. The name loan company under consideration ended up being speculated to make loans to customers, maintaining the games with their automobiles 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 attractive to low-income borrowers with bad credit, must be credit check is not needed to get immediate access to money.