Texas Payday 8 Auto Title Lending
Payday and auto title loans are cash loans
citizens take out to pay for necessities,
1.1
On average Texans pay $1200
for a $500 payday loan
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75% of Texans support a cap to payday interest rates and fees
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ACK ACK ACK
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618%
/441 Aiabt
The average APR
interest rate = 5,000 cars
for a payday loan
in Texas in 2012
35,000 cars were repossessed in
Texas in 2012 as a result of
auto title loans.
The four publicly traded multi-state
payday lending companies make
60% of their profit in Texas.
Sources: The PEW Charitable Trust, “Who Borrows, Where They Borrow, and Why: Payday Lending in America”
Texas Fair Lending Alliance The Issue: Cycle of Debt”
Texas Appleseed “Short-Term Lending Survey, June 2012” GaT
Texas Appleseed, “Reshaping the Future of Small-Dollar Lending in Texas”
Texas Office of Consumer Credit Commissioner, “Credit Access Business Update to the House Pensions,
Investments & Financial Services Committee, February 18, 2013” Texas Fair Lending Alliance
Texas Fair Lending Alliance, “The Issue: The Problem”