Payday and name loan providers offer a method to fast get money — put up the title on the vehicle as security and you may get a couple of hundred bucks. The catch? The percentage that is annual, or APR, can be hugely high, meaning you get spending much more than that which you borrowed.
Utah is house for some associated with the greatest prices in the united states, and a new report from ProPublica details exactly how some individuals whom are not able to keep pace with repayments have actually also finished up in prison. KUER’s Caroline Ballard talked with Anjali Tsui, the reporter whom broke the storyline.
This interview was modified for size and quality.
Caroline Ballard: How this are individuals winding up in jail whenever debtor’s prison is prohibited for more than a hundred years? Continue reading