Virginia becomes hub for high-risk truck and car loans. Whenever Brenda Ann Covington needed cash some right time ago, she had just one product this is certainly big to pawn: her Chevy automobile.

Virginia becomes hub for high-risk vehicle and vehicle loans

Whenever Brenda Ann Covington required money some right time ago, she had just one product this is certainly big to pawn: her Chevy automobile.

Covington used the 2005 Silverado pickup as protection to borrow funds from an individual from the growing level of Virginia organizations that offer cash against a personРІС’в„ўs car.

ItРІР‚в„ўs a selection Covington now regrets. By having an intention price of around 240 %, Covington will pay very nearly $4,100 your can purchase lent $1,500. Worst out of all the, if she defaults, the lending company can seize her car, which was cared for before she took from the completely new loan.

“I can’t blame anyone but myself,” Covington, 61, of Manassas, reported. “But it is highway robbery.”

VirginiaРІР‚в„ўs automobile title-lending business is booming, but consumer advocates state it really is nothing to commemorate. Read more