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Report: Subprime lending giant’s add-on “loan protections” put borrowers at an increased risk

Report: Subprime lending giant’s add-on “loan protections” put borrowers at an increased risk

Leon Martinez never likely to fall victim up to a sucker loan.

“You learn about it. You read about it occurring to individuals. And also you kinda think they deserve it, appropriate?” he says.

Their period of financial obligation began just how numerous people’s do. many years ago|years that are few}, he necessary to simply take time off work due to a crisis inside the family members, but didn’t desire to fall behind on their lease. therefore the 38-year-old medical associate from Lakewood borrowed about $4,500 from Springleaf, now called OneMain, the nation’s biggest subprime loan provider.

Many months to the loan, he borrowed another $1,200 or more in exactly what he didn’t understand had been a 2nd loan with a second pair of costs. He states he additionally didn’t understand he wasn’t aware he’d agreed to that he had been paying all along for three loan insurance policies. He defaulted on that “renewed loan.” This spring, he says he paid about three times the amount of his original loan by the time OneMain sued him, won a court judgment and finished garnishing his paychecks. Leer más

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