In Georgia, borrowers looking to alleviate debt through Chapter 13 bankruptcy can’t escape their high-interest title pawns thanks to a legal loophole that TitleMax helped secure.
No statewide agency monitors Georgia’s high-interest title lenders, so we used a variety of data sources to reveal the scope of the industry and its impact on customers who file for bankruptcy.
TMX Finance and Select Management Resources, the owners of two major title lending brands, have been cozying up to Georgia lawmakers in a position to bottleneck industry reform.
The federal consumer watchdog group says the Georgia-based company intentionally evaded laws meant to protect military families from predatory lenders.
Former TitleMax store managers told ProPublica and The Current about how they were trained to keep customers unaware of the true costs of their title pawns. When they were more transparent, they faced repercussions.
Title lenders in the U.S. often use predatory practices to trap customers in high-interest loans, ProPublica recently reported. This guide will help you understand how title lending works and what your options are if you’re stuck in a contract.
For some Georgia residents, title pawn contracts offer a quick way to obtain desperately needed cash. But poor regulation of a confusing system traps many borrowers in high-interest debt they can’t pay off.