Yo, did you hear about this crazy news article I stumbled upon? It’s about a car loan company that got brought down by the PA Attorney General over illegal interest rates. Basically, they were charging customers rates that were way higher than the legal limit, and the Attorney General caught wind of it and shut them down.
From my understanding, the company thought they could get away with it because they were targeting people with bad credit who were desperate for a loan. But obviously, that’s not okay.
It’s kind of funny because my cousin actually fell into that trap a few years ago. He needed a car for work but had bad credit, so he went with this sketchy company that promised him a loan. Long story short, he ended up paying double the price of the car because of the insane interest rates.
It’s crazy to think that this kind of stuff is still happening in 2021. It just goes to show how important it is to do your research before making any big financial decisions.
Overall, I think this article is important because it sheds light on the fact that there are still companies out there willing to take advantage of people in vulnerable positions. It’s up to us as consumers to stay informed and protect ourselves from being taken advantage of.
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