Payday and name loan providers provide a method to fast get money вЂ” put up the name on your own vehicle as security and you will get a hundred or so dollars. The catch? The percentage that is annual, or APR, can be hugely high, meaning you get having to pay a lot more than that which you borrowed.
Utah is house for some associated with the highest prices in the nation, and a brand new report from ProPublica details just exactly how many people whom neglect to keep pace with re re payments have actually even wound up in prison. KUERвЂ™s Caroline Ballard talked with Anjali Tsui, the reporter whom broke the storyline.
This meeting happens to be modified for size and clarity.
Caroline Ballard: exactly exactly How this are individuals winding up in jail whenever debtorвЂ™s prison was banned for over a century?
Anjali Tsui: Congress really banned debtors prisons when you look at the U.S. in 1833. But exactly what i discovered through the entire length of my reporting is the fact that borrowers who fall behind on these high interest loans are regularly being arrested and taken up to prison.Read More