Payday Lenders Morphing Towards Car Title Lenders

Payday Lenders Morphing Towards Car Title Lenders

Loophole permits interest prices as much as 204 per cent

by Maureen western, From the AARP Bulletin Print Edition, December 1, 2010 | remarks: 0

Griffith thought a stake was indeed driven in to the heart of exactly exactly what she considered a monster that is predatory. Nonetheless it popped away.

Starting in 2008, if the clock started winding down on payday financing in Arizona, Griffith’s Tucsonbased team, the guts for Economic Integrity, viewed much more than 200 pay day loan companies obtained licenses as automobile name loan providers.

A number of the exact same storefronts that had advertised “Payday Loans” will have prominent indications for “Car Title Loans.” Arizona guidelines enable up to a 204 per cent interest that is annual if a car is involved as protection. Continue reading “Payday Lenders Morphing Towards Car Title Lenders”