Sweeping new rules issued last Thursday by the federal Consumer Financial Protection Bureau “are an assault designed to annihilate access to credit for Georgians with imperfect credit histories,” the United Pawn Council of Georgia says of behalf of its members. “This rule is extremely hurtful because the short-term lending industry is a proven financial lifesaver and safety net to moderate and low-income consumers – especially with tough economic times continuing and with a record number of Americans underemployed and having no credit.”
Title loans are a credit product in which the lender takes a security interest in the borrower’s vehicle and the loan approval and amount is based on the vehicle’s value.
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