Attorney General warns customers — and lawmakers — about car-title loans: “There isn’t any reason for such astronomical interest levels. “
DES MOINES. Attorney General Tom Miller today cautioned customers in order to prevent car-title loans, which charge just just just what he called “astronomical and unjustified interest levels. “
“Car-title loans are incredibly costly they just drive many individuals deeper into financial obligation, ” Miller stated. “together with that, they pose the threat that is major of visitors to lose their cars aswell. “
Miller additionally had an email for the Iowa Legislature:
“Pass the loan that is car-title, ” Miller stated. “Car-title loans are secured finance, but loans that are secured be less costly as they are supported by a car as security. There isn’t any reason for such interest that is astronomical. The Legislature should prohibit such abusive and unconscionable rates for car-title loans. “
The Iowa Senate authorized a loan that is car-title a year ago that could have capped car-title loan prices at 21 per cent – nevertheless the bill passed away whenever home leaders declined to debate or vote about it. “It is a easy and approach that is fair re re re solve this issue, ” Miller stated.
Miller’s appeal ended up being produced in a situation Capitol news meeting with Sen.