New York Attorney General Eric T. Schneiderman's office announced agreements Tuesday with 10 businesses that will limit their marketing of title loans, a type of payday loan, to residents of the state.

Payday lenders market title loans to consumers with poor credit histories as a quick way to obtain cash. Borrowers must pledge their motor vehicles as collateral but the ten companies that made agreements with the attorney general's office will no longer repossess vehicles at the request of title loan companies.

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