Consumer groups found that high-interest-rate loans were being offered in states that have lower interest rate caps.
Consumer advocacy groups are warning about loans with interest rates as high as 189% at national car repair chains. A group sent letters this week to chains including AAMCO, Precision Tune Auto Care, Big O Tires, Midas, Grease Monkey, Jiffy Lube and Meineke.
“Banks are, are exempt from state interest rate limits,” said Lauren Saunders with the National Consumer Law Center. “So predatory lenders sometimes find a rogue bank and launder the loan through the bank and call it a bank loan. A company like EasyPay Finance can't charge 189% directly in many states, but they are doing it by claiming that their loans are bank loans and are exempt from state law.
“They're dealing with an auto repair that's expensive,” Saunders said. “They're not thinking about loans. Their hands at a tablet and they're told to click here or there even asked to do it on their phone and try to read the fine print on a little three-inch screen. Always make sure that you really see the whole contract.”
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