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In fact, the vast majority of these loans are renewals. Pew reports that a typical title loan is renewed eight times before the borrower can pay it off. So just like payday loans, auto title loans trap their users in a cycle of debt. However, if you cant afford to personal loan application from my boss the loan or renew it, the lender seizes your car. Many lenders make you turn over a key or install a GPS tracker to make it easier for them to get their hands on the vehicle.
Some of them even store the car while theyre waiting to sell it and charge you a fee for the storage. And if the amount they get when they sell the car is more than what you owe them, they dont always have to pay you the difference. Alternatives to Payday Loans. Its easy to argue that payday loans and auto title loans are just plain evil and should be banned completely.