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Sep 28, 2017 - 34 minute read

Cash advance rules

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Cash advance rules

Youre best off avoiding payday lenders if you need a bad credit loan. Auto title loans. Do not confuse auto loans that are meant for car buyers with auto cash advance rules loans. Auto title loans require you to use your car as collateral in order to get a loan that can be used for any purpose.

The amount of these loans cash advance rules, but its usually for much less than your car is actually worth. You usually wont need a credit check to get an auto title loan. According to the FTC, auto title loans typically last for 15 or 30 days and have a triple-digit APR. These kinds of loans can easily trap borrowers who cant afford to repay the loan in a cycle of debt as they continually renew the loan with interest-only payments. The CRL and Consumer Federation of America found that a borrower of a 951 auto title loan pays more than 2,000 in interest on a loan he or she renews eight times.

Cash advance rules

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