Pete Smith, Center for Responsible Lending (Courtesy photo)
Car title lending. Thankfully, a lot of North Carolinians have never heard of this particular business because it’s long been prohibited under state law. Unfortunately, many residents of other states are all too familiar with these frequently predatory loans in which borrowers sometimes pay interest rates of as high as 300% and face repossession of their vehicle if they miss a payment.
What’s more, as a new report from senior researcher Pete Smith of the Center for Responsible Lending documents in painful detail, surveys indicate that some car title lenders pay little attention to state lines. As a result, some North Carolinians have, despite our state’s official ban, fallen prey to these loans and the debt trap that so often comes with them. Smith’s report is entitled “Under the radar: Evidence of prohibited Vehicle-Tile Loans made in 22 states and DC” and Newsline’s Rob Schofield caught up with him recently in his California office to discuss it.
Click here to listen to the full interview with senior researcher Pete Smith.
Hence then, the article about pete smith of the center for responsible lending on the troubling rise in prohibited car title loans was published today ( ) and is available on NC news line ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
Read More Details
Finally We wish PressBee provided you with enough information of ( Pete Smith of the Center for Responsible Lending on the troubling rise in prohibited car title loans )
Also on site :
- Driver dies in fiery freeway crash on Christmas Eve near Sacramento
- Trump’s Christmas Eve calls with children asking about Santa’s whereabouts are steeped in partisan politics
- Ukraine-Russia war latest: Zelensky awaits Putin response to new peace plan while Christmas Eve blast kills 3 in Moscow