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Car title loans are small-dollar, short-term loans that carry triple-digit interest rates designed to drive you deeper into debt and ultimately take away your vehicle.
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Consumer groups criticize auto title loans for exposing the borrower to triple-digit annual interest rates and balloon payments that come due within a month.
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Car title loans are easy to get, but they can also send consumers into a spiral of debt that ends in the loss of their vehicles. Beware of predatory practices.
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