Title loans’ rates of interest are literally out of hand

Title loans’ rates of interest are literally out of hand

John Robert Aguirre endured forlornly at RPM Lenders regarding the side of South-Central Los Angeles, slapping twenties on the countertop that is yellow.

He had been a week later along with his payment, and the anxiety showed on his face. Their loan posseses a yearly rate of interest in excess of 100per cent. He’d set up his truck as security. A missed payment could lead to the increased loss of his automobile.

“I’m a self-employed electrician, ” Aguirre, 41, explained while he completed counting out of the bills. “If we don’t have my truck, we can’t work.

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