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Auto Title Loans Driving Consumers Into Debt

Auto title loans are growing rapidly in California and 24 other states where slack regulations have allowed them to gain popularity. Credit unions need to take notice.

By Candice Reed | Updated on June 24, 2015

More than 2 million people a year, on average, take out auto title loans nationwide, according to a study recently released by the Pew Charitable Trusts. Auto title loans are growing rapidly in California and 24 other states where slack regulations have allowed them to gain popularity. Credit unions need to take notice.

In California alone, the number of auto title loans jumped to 91,505 in 2013, the latest data available, from 64,585 in the previous year and 38,148 in the first year, 2011, that was tracked by the state Department of Business Oversight.

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