I’ve heard so many stories about people who take out payday and title loans, and how the interest is worst than borrowing from a loan shark.
Some years ago, I was called upon to do some research by an attorney to get information about a title loan company to see if they used what is called a “list serve” to serve them with summons. What I found is that the owners of the company, in Illinois, also own a used car lot in the State of Georgia. Title loan companies make loans that people cannot repay because of the high interest, then take possession of the vehicle. So, it seems that this one such company was creating inventory for its own used car business.
In other words, I learned that such companies can be shady.
After watching David Allen’s video (posted below), I did a Google search and found a site titled Consumer Affairs with stories by people who made payday loans, and the low things that they pull on people. It saddens me that companies stoop that low, but also saddens me that the general population does not know enough about the law so they do not become emotionally distressed when getting those calls. Read the rest of this entry