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Learn how to make $$ in an Auto Title Loan Business
Triple digit annual percentage rates (APR) are typical for our industry. A recent Missouri State Auditor's
Report revealed the average to be 200% to nearly 400%. Illinois approached 300%. Wisconsin averages 300%.
Typical fees on a $500 loan are 25% per month; $125 month interest only. Note that these are typical
rates for auto title loan companies having stores in states/provinces having fee caps. When operating
in locales not having prescribed statutes you will experience even higher APR's.
Additionally, it is not uncommon for auto title loan companies to minimize their APR calculations by failing
to compute them properly. This is not necessarily intentional. Many operators simply do not know how to
calculate an APR correctly. This is not recommended. It can lead to serious problems, particularly after
you become extremely successful. You will become a target. (More on this in our Manual)