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Single-payment automobile name loans are gateway to difficulty, report suggests

Single-payment automobile name loans are gateway to difficulty, report suggests

Richard Cordray, manager of this customer Financial Protection Bureau, testifies at a hearing because of the Senate Banking, Housing and Urban Affairs Committee. (Picture: Alex Wong, Getty Pictures)

Borrowers whom sign up for single-payment loans secured because of the games on the autos usually find yourself mired in debt, relating to a brand new federal analysis planned for release Wednesday.

Created as method for strapped borrowers to endure a money crunch between paychecks, the loans typically carry rates of interest of 300%.

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