Payday and subject loan companies supply an effective way to bring cash fast – set up the subject on the car as guarantee and you can bring a hundred or so cash. The capture? The annual percentage rate, or APR, can be hugely high, which means you find yourself paying far more than what your borrowed.
I realized during the period of my personal reporting there exists 417 payday and title lenders throughout the state; which is above the sheer number of McDonald’s, Subways, 7-Elevens and hamburger leaders combined
Utah houses some of the highest rates in the nation, and a report from ProPublica details exactly how people which are not able to match repayments has also ended up in jail. (more…)