Online Title Loans Are Spamming the Internet

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O N L I N E T I T L E L O A N S A NEW WAVE OF
INTERNET SPAM
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The Rise of Online Title Loans

• In the old days , you would have to go to a bank
  or a wealthy community member and ask for their
  temporary charity.
• Lenders saw this as an opportunity to capitalize

-term loan, then

• If they could provide a quick, easy, and
  confidential way of obtaining a short they could
  make some serious profits
• Thus payday and title loan services were born.

3
Benefits of Online Loans
Make all of your weekly or monthly
payments online
Priva cy
You dont have to physically meet somebody
Time Saving
4
Risks of Online Loans
Uploading personal items opens up the window for
ha ckers to do their dirty work
Lack of credibility
Residual trojan or phishing viruses can leak
your personal information
Fake lenders who will scam your money
5
How Do Payday Loans Work?

• Payday loans are based on how much you make on
  your paycheck
• After talking with a loan officer, youll
  usually be approved within hours. Theyll either
  cut you a check or direct deposit the amount
  into your bank a ccount.
• Before they give you your money, they will give
  you a set interest rate and will set your
  payment dates up in a ccordance with your pay
  schedule
• In some cases, they will even take your bank a
  ccount information and withdraw the money after
  you deposit your
• paycheck.

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How Do Title Loans Work?

• Title loans operate under the same principle,
  except instead of basing your loan off your
  weekly income, theyll base it on the value of
  your car.
• Title loans can give borrowers a little bit more
  flexibility and allow them to take out a larger
  loan than a
• payday loan, especially if they have a newer
  model vehicle
• If you fail to pay them ba ck, they are legally
  permitted to take your car and resell it to get
  their money ba ck.
• In the case of an online title loan, youll be
  expected to fax or email them a copy of your
  vehicles title and send them pictures of your
  vehicle for appraisal purposes

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The Rise of Title Loan Spam
In some cases, one particularly large lender will
create multiple websites all listed as different
companies to give borrowers the illusion
of competition. While not illegal, this is
dishonest and gives people an ina ccurate view
of their options. Example If you search Yelp
for title loans in South Florida, 60 70 of
the different listings all led back to one
online lender. A man named Martin Contreras who
lived halfway across the country in Idaho was
responsible.

• Why Is It Happening?
• Affiliate commissions
• Lenders themselves

• How Does This Affect Borrowers?
• Borrowers cant trust whether a company really
  is who they say they are
• This gap in trust prevents the
• honest loan c ompanies who stick to one listing
  from being able to compete
• This, in turn, leaves very limited options to
  the borrowers
• Lack of security

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What Can Be Done To Stop Title Loan Spam?

• Search engines need to cra ck down on fake
  listings
• They should also carefully screen affiliate sites
  and eliminate reviews that are obviously biased,
• misleading, or fake
• Reducing the excessive title loan spam is the
  only way to restore borrowers faith in lending
  companies, and allow the small local businesses
  to compete.

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R E F E R E N C E S

• https//www.savingadvice.com /articles/2018/01/20/
  1053963_online

-title-

• loans-new-wave -internet- spam.html
• http//edition.cnn.com/2008/LIVING/wayoflife/10/08
  / aa.car.title.loans/
• https//titleloansfaq.org/ best- c
  ar-title-loans-near-me/