Payday loans aren’t just expensive and risky — they could also land you jail, according to a new report.
According to a new report by the non-profit Consumer Federation of America , high-cost lenders in Utah have been targeting people unable to repay debts by suing them in a small claims court.
What stood out to experts was the last part of this new process: Asking for bail money. Stifler noted that a 2014 rule passed in Utah allowed for creditors to actually take some of that bail money was particularly worrisome. Court filings indicate that Mr. Money’s most recent action was to seek a warrant to have her arrested for failing to appear in court for another hearing in the case. The case was still ongoing as of January 2020.
On top of that, the data revealed that “nearly three in ten high-cost lender lawsuits result in a bench warrant for the arrest of the borrower for contempt of court,” the authors added. “Indeed, some borrowers face arrest on multiple occasions with respect to the same loan.” While these limits were relaxed a little over time, states and the federal government were very cautious in allowing lenders to charge high interest rates.
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