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Lawmakers protect title loan companies while borrowers spend sky-high rates of interest

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…)