Sylvia Almost Lost Her Car Due To A Predatory Loan

Sylvia Almost Lost Her Car Due To A Predatory Loan

Three months after Sylvia Perez took down an automobile title loan, it was realized by her could be extremely difficult to pay for it well. She was shocked to learn she still owed more than her original loan amount of $800 although she had made about $1200 in payments.

“I discovered once I ended up being making the payments that are monthly I’m never ever gonna get free from this…never,” she stated.

The fees tacked on to Sylvia’s loan had been corresponding to a 300% rate of interest. In desperation, she took down a loan that is second it would assist her expel her debt faster. It just made her problem worse.

“We were in a bind, and I also needed to figure it down. More →