A Chicago woman took out two $800 loans to help with moving expenses — that ended up costing her $8,000 in loan fees. Plus, she lost her pawned items, which included a MacBook Pro and three professional cameras.
There's a state loophole that allows pawnbrokers to charge loan interest rates as high as 243 percent!There's a state loophole that allows pawnbrokers to charge loan interest rates as high as 243 percent!ChicagoShe took out two $800 loans to help with moving expenses — that ended up costing her $8,000 in loan fees. Plus, she lost her pawned items, which included a MacBook Pro and three professional cameras.
"The interest rate on my pawn loans were approximately 150 percent for over a year I paid $200 per month in interest to roll over the loans and after a year I had paid over 2,400 in interest, made no progress toward paying off my loans and the pawn shop still had my items," said Jazmine Thompson, victim of predatory pawn loan.DAILY NEWSLETTERthat I have read and agree
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