Following the news. We are constantly following news that effects us as a Atlanta title pawn company in an attempt to learn about concerns from both legislators as well as consumers. We want to position ourselves as the most fair title loans company in the Atlanta area. We take all of these concerns seriously, and attempt to address consumer and legislator concerns.
Here is a clip from Dothan Eagle.Com that refers to the type of conversation’s occurring within our industry.
“Last week in Birmingham, President Obama addressed efforts to reign in high-cost lending such as payday loans and title pawn loans. He couldn’t have chosen a better state to raise the issue – throughout Alabama, storefronts offering loans to marginal borrowers at astronomical interest seem to far outnumber fast-food restaurants.
Obama praised proposed federal regulations of the industry nationwide. Previous efforts to do the same in Alabama have failed, despite the detrimental impact on borrowers who often become ensnared in a vicious cycle of fees and interest that quickly rise to as much as 456 percent per year.”