By Vik Jolly
The Associated Press
Jill Mooney recently took out a $300 loan from a storefront business to get out of a financial jam, putting up her $1,400 car as collateral.
The Albuquerque mother of four thought it would take roughly three, $100-a-month payments to be done with the loan. But it took seven months, and the interest rate ended up being more than 200 percent.
“They take advantage of you,” said Mooney of the loan outlets.