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March 03, 2013

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Scott Pryor

Is there data on the average rates of interest on title loans?

Jim Hawkins

There is some variation. Tennessee's state report is probably the best, and it states that in 2009, 53% of companies charged 22% a month, the maximum rate allowed by law, while the other 47% of companies charged between 10% and 21% a month, which means the rates charged were around 120% to 304% annually.

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