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WASHINGTON–There’s a reason there are more payday loan stores in the country than McDonald’s outlets, according to the CFPB: there is a lot more money to be made.,The CFPB’s proposed rules for payday loans, auto title loans and other installment loans follow what the agency said has been “extensive research” on the products.,That research confirmed what other research has also found, that most borrowers end up in high-cost loans that seem to only grow in size even as payments are made, often leading to scarred credit for consumers and the repossession of automobiles.,In conjunction with its released proposal, the CFPB released findings of its own research on storefront payday loans, online payday loans, and auto title loans. According to the CFPB, its research found:,Meanwhile, for borrowers who take out a payday loan online, the CFPB said it found a variety of different loan terms and agreements.payday loans in alexandria va
The agency said determining the size of the online payday loan market is difficult for a number of reasons, including that many online payday lenders are not publicly traded, and many claim to be exempt from state lending laws and licensing requirements.,“One recent industry analyst estimated that online lenders received approximately $3.1 billion in fees in 2015,” the CFPB said. “Pricing for online loans tends to be more expensive than storefront payday, other researchers have found rates as high as $30 per $100 borrowed.”,The CFPB said its research of online payday lending found:,When it comes to the other category of loans being targeted by the CFPB, auto title installment loans, the agency said it found that the typical auto title loan is about $700, and the typical annual percentage rate is about 300% for a single-payment loan and 259% for an auto title installment loan. Of the 25 states that permit some form of auto title lending, seven states permit only single-payment title loans, 13 states allow the loans to be structured as single-payment or installment loans, and five permit only title installment loans, according to the CFPB.,The same research report found there are approximately 8,000 title loan storefronts in the 25 states that permit this product.,Among the findings in the CFPB research on auto title loans:

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