Lawmakers protect title loan companies while borrowers spend sky-high rates of interest
Exactly exactly How millions in campaign contributions assist block laws and regulations to crack down on financing abuses
Today this story was co-published with USA.
Introduction
After many years of monetary pros and cons, Gloria Whitaker required some fast money to help to keep a roof over her mind.
So she and her son, Devon, went along to a TitleBucks shop in Las vegas, nevada and took away a $2,000 loan, pledging their gold 2002 Ford F-150 truck as security.
Whitaker, 66, said nobody verified she, or her jobless son, could repay the mortgage, which carried interest of 121.545 %. (more…)