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Bill would cap vehicle title interest.Sen. Randy Robertson

Bill would cap vehicle title interest.Sen. Randy Robertson

Sen. Randy Robertson

ATLANTA — Alice Harris ended up being television that is watching her two grandkids each time an advertisement came on for an auto name financial institution.

At that amount of time in might 2017, she was at the dense of a custody battle and away from cash to cover her attorney. Residing away from only Social Security and impairment checks, the following day, she pawned her vehicle for $2,100.

Three years later on, the 60-year-old has compensated the ongoing business a lot more than $6,000 — with no result in sight on her behalf re payments.

“I ended up beingn’t taking a look at the term ‘pawn,’” Harris stated. “ we thought you paid your repayments faithfully in addition to loan would come down seriously to zero.”

Automobile title loans can offer cash that is quick people who require emergency funds, but experts state triple-digit interest prices trap borrowers in a debt cycle — specially minority and low-income communities. Continue reading