Pay check and subject loan companies provide an easy way to receive money fast — put-up the name on your vehicles as collateral and you can get a few hundred pounds. The catch? The annual percentage rate, or APR, can be extremely higher, which means you find yourself having to pay extra than your borrowed.
Utah houses a number of the greatest rates in the state, and a new document from ProPublica data exactly how many people that aren’t able to maintain money posses actually ended up in jail. KUER’s Caroline Ballard spoke with Anjali Tsui, the reporter which out of cash the storyplot.
This interview is edited for length and understanding.
Caroline Ballard: just how this are actually customers ending up in prison whenever debtor’s prison has been frozen for more than a century? Continue reading “Exactly Why Utahns Happen To Be Ending Up In Prison After Getting Cash Loans”