Comments on: Georgia Consumer Should Avoid Car Title Loans

By: Jonathan

Jonathan — Tue, 17 Jan 2012 01:33:23 +0000

Ms. T, as you have discovered, title loans are a very expensive source of cash. I advise my clients to avoid this type of high interest, short term loan.

By: Ms. T

Ms. T — Sat, 17 Dec 2011 04:34:07 +0000

I did a title loan after i lost my job & have fallen behind in the payments. I was told that the money i was paying because it ewas not the full amount was only to pay the intrest
but the amount keeps getting higher. I think its time to let them have my car. : (

By: ann kerlin

ann kerlin — Sun, 09 Oct 2011 17:05:06 +0000

I am glad to hear there is some political representative interested in doing something about this law. I serve on the board of a non-profit that provides assistance (utilities, rent, emergency housing, etc.) to people who are strapped due to job loss and other poverty issues. I was HORRIFIED to read the code stating that Georgia legalized 187.5% interest for these companies! That last one I saw advertised on TV said you need a job to qualify. I went there posing as a customer and they do file a lien on your car (which the customer pays the charges for). These are secured loans, not pawns. They are just like payday loans; a huge, huge profitable business at the expense of people in desperate straits. Please do all you can to change the law. Two states have capped rates at about 36 percent, which is still pretty high but at least not insanely out of the ballpark.

By: M.Montgomery

M.Montgomery — Fri, 30 Sep 2011 20:22:05 +0000

@Tim:

Tim, I am an individual who recently became aware of the usurious unregulated practices of these predatory lenders. I am willing to do whatever it takes to either shut them down or bring about fair consumer reforms. please contact me as I am willing to work with you. barakel07@yahoo.com

By: Tim

Tim — Wed, 24 Aug 2011 00:15:44 +0000

I am an attorney who just learned that an employee had this happen to them. I was shocked that this is legal and that there are not some protections out there for consumers who are financially strapped. I am all for the free market, but taking advantage of people who are already financially challenged is just wrong. I want to team with any legislator who is willing to regulate this practice so that the companies can make a fair profit, but not take advantage of disadvantaged consumers to the point of financial ruin. I definitely want to look into this issue more. Please e-mail me with your experiences with title loan companies and maybe we can make a change to these unethical, at best, practices.

By: Vic

Vic — Fri, 17 Sep 2010 23:42:09 +0000

Title pawn companies fail to tell you that if you don’t pay off your loan with in 30 days, that the monthly payment your making is only to revolve the loan another 30 days, til the next 30 days until you pay the amount in full! They make you believe that the high interest rate tacked on to your payment that you pay every month, is paying off your loan, but it’s not, nothing of the payment goes towards your loan what so ever! How can this be legal?????

By: BankruptcyBill.us » Blog Archive » BLT (Bankruptcy Lawyer Topics): “Cars!” – by Matt Leichter, Esq.

Fri, 15 Jan 2010 22:34:18 +0000

[...] Georgia Consumer Should Avoid Car Title Loans [...]

By: Chuck

Chuck — Wed, 15 Jul 2009 20:47:26 +0000

Consumers should avoid title loans huh? Well does that mean you will loan them the money when they need it? I guess the fact that they make loans to high risk consumers, with terrible payment histories and horrible credit ratings does not matter. It’s funny how people like you are quick to condemn companies that are making money, just like sorry politicians who do the same thing but take money in return from the same companies they are claiming they want to shut down. Just sickens me that we all live in a free country, but people like you and politicians want to keep business owners, companies and employees from making money.