Pete Smith of the Center for Responsible Lending on the troubling rise in prohibited car title loans
Pete Smith, Center for Responsible Lending (Courtesy photo)
Car title lending. Thankfully, a lot of North Carolinians have never heard of this particular business because it's long been prohibited under state law. Unfortunately, many residents of other states are all too familiar with these frequently predatory loans in which borrowers sometimes pay interest rates of as high as 300% and face repossession of their vehicle if they miss a payment.
What's more, as a new report from senior researcher Pete Smith of the Center for Responsible Lending documents in painful detail, surveys indicate that some car title lenders pay little attention to state lines. As a result, some North Carolinians have, despite our state's official ban, fallen prey to these loans and the debt trap that so often comes with them. Smith's report is entitled 'Under the radar: Evidence of prohibited Vehicle-Tile Loans made in 22 states and DC' and Newsline's Rob Schofield caught up with him recently in his California office to discuss it.
Click here to listen to the full interview with senior researcher Pete Smith.
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