2Dec, 2020

‘Rent a banks’ involving Utah interest that is high dropping under scrutiny of Congress

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‘Rent a banks’ involving Utah interest that is high dropping under scrutiny of Congress Customer teams state that high-interest loan providers — who issue such things as payday or automobile title loans — are using a way that is novel evade state interest rate caps nationwide: They partner with banking institutions in Utah, which places no limitation on rates. In exactly what the teams call a “rent-a-bank scheme,” such loan providers solicit, structure and gather on loans that charge as much as 222per cent annual interest — however their partner […]
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