Im in the mortgage business so I know a little bit about the term "predatory lending". And being in the mortgage business I have had a very tough time financially in the last year or so. During that time I took out a title pawn with TitleMax...
This company is the very definition of predatory lending. The means they market themselves, the very unclear disclosures of how their system works, the strongarm tactics used to collect payments, etc....
These are absolutely predatory lending practices! I dont see how the government can be so highly regulatory of the mortgage industry to "protect the innocent borrowers" but companies like TitleMax are profiting so high and expanding so fast off of these predatory practices it makes my head spin.
I have seen the arguments from employees and/or ex-employees on here saying "no one forces people to borrow the money"...well, thats not true, hard economic times and emergencies force people to borrow the money. Just as it forces people to refinance their homes and allowed predatory lenders to take advantage of people with excessive rates and fees, causing people to lose their homes at astonishing rates untill the government cracked down on predatory lending practices. Just because someone wants/needs money doesnt make it right to outright take advantage of them.
The government can and does regulate lending in the mortgage business and protects against predatory lending practices. This same regulation needs to be in place for predatory lending practices for these title pawn slimeballs! If it was a bigger national issue and in the media then legislation would have been passed against these dirtbags a long time ago if politicians thought votes depended on it!
I remember not long ago Ameriquest Mortgage was a GIANT in the mortgage business...then the government smacked them with around $350 million dollars in federal fines for predatory lending practices, not to mention millions in class action suites from their customers. This type of action NEEDS to be enacted against these predatory crooks!