Whenever Brenda Ann Covington required money some time ago, she had only 1 big product left to pawn: her Chevy vehicle.
Covington utilized the 2005 Silverado as security to borrow funds from a single regarding the number that is growing of organizations that provide money against an individual’s automobile.
utilizing the loan’s interest of about 240 per cent, Covington will probably pay almost $4,100 to own lent $1,500. Worst of all of the, before she took out the new loan if she defaults, the lender can seize her truck, which was paid for.
“we can not blame anybody but myself,” said Covington, 61, of Manassas. “but it is highway robbery.”