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Virginia becomes center for high-risk car loans

Virginia becomes center for high-risk car loans

When Brenda Ann Covington required money some time ago, she had only one big items remaining to pawn: this lady Chevy truck.

Covington made use of the 2005 Silverado pickup as security to borrow funds in one from the raising number of Virginia companies that give cash against an individual’s vehicles.

It’s a determination Covington today regrets. With an interest rates of around 240 %, Covington will pay nearly $4,100 for borrowed $1,500. Worst of most, if she defaults, the lender can take her vehicle, which had been covered before she took the actual new financing.

The guy requested members of the family for money to repay the borrowed funds

Virginia’s vehicles title-lending business is thriving, but consumer supporters say it’s nothing to celebrate.