Lenders who provide car title loans will no longer be able to charge outrageous interest rates in Virginia. They will have to comply with the new lending laws that go into effect on the first of October. The law regulates the maximum amounts that can be lent at each interest rate, along with the length of the loan. The title lenders would be responsible for educating their customers about alternative options, by way of an industry pamphlet.

In May of this year, Senate Majority Leader Richard Saslaw saw his law passed. Bad credit auto loans for over five years advocates have been pushing for similar regulations in Virginia. Many want the practice abolished altogether.

A report distributed by The Center for Responsible Lending and The Consumer Federation of America in 2005 had implied that the industry had bought its way into legality. The pamphlet also stated that they are “abusive loans” and the industry had, “failed to take adequate steps to protect borrowers.” They tout that the title car loans are unfair, and trap people into a cycle of debt.

But is it really an abusive practice? In my opinion, it is not. It’s not a secret that the interest rates are insanely high. I have never heard a person say that they are going to compare a traditional bank to a title loan interest rate. That would just be silly.

The only abusive practice that I see, is the borrower. The borrower is notified of the amount they are expected to pay back and when it is due. If they are not able to make this payment, then they should not have accepted the loan. Saying that there was no other option is not an excuse. The option to not take the loan is on the table.

Title loans, like many quick cash loans, do not take into account the ability to pay back a loan. That’s the beauty of it for many people. Individuals that have bad credit that may have been turned down by traditional lending services can now obtain loans with no questions asked. If they do not pay it back, as they agreed to, their car gets taken. Again, nobody should be raising a brow of surprise.

If car title lending had been completely banished, as some advocates are still striving for, where would a person who is trying to get that title loan be? If the money was needed for a mortgage payment, now the house will be taken away one month sooner. The same can apply to small business owners who have a multitude of expenses.

Advocates at The Center for Responsible Lending and the Consumer Federation of America want to take the lenders right to ownership of the car away if the borrower defaults. That doesn’t make sense on a collateral loan, and that puts the car title loan into the same category as a personal loan from a bank. Even with uncapped interest rates it would be difficult for car title companies to continue lending without proof of the ability to repay the loan. That can mean paycheck and paycheck stubs that some people are not able to produce. Then of course, the car title lender would be in the same boat as a traditional bank. The restructuring of the industry to comply to such standards would eliminate the availability of lending to many American’s that The Center for Responsible Lending and the Consumer Federation of America says they are trying to save.

Personally, I believe that someone with no job and bad credit shouldn’t be paying the same interest rate as someone who has a high paying job and pristine credit. If we keep letting poverty advocates dictate the lending industry, America will be revisiting the depression, possibly permanently.

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