Arise 2023: Underregulated auto title loans are a bad deal for Alabamians Lack of legislative oversight means Alabamians pledging their vehicle title have the same lack of protection as someone pawning a TV or watch. But for many Alabamians, a vehicle is the most valuable asset they own. Losing it could mean losing their ability to go to work, school or the doctor. Most states have realized that predatory title loans are a major drain on the finances and well-being of their residents. That’s why the majority of states have prohibited or restricted the practice. Even in states where the practice remains legal, borrowers usually have protections unavailable to Alabama borrowers. |