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Car title loan guys enjoy loophole you can drive 300% through

  • Published in Letters

To The Daily Sun,

I was shocked to learn that New Hampshire's 36 percent annual interest rate cap on small loans contains an exception you could drive a car through — an exception that allows so-called "car title lenders" to charge interest up to 300 percent per year on loans secured by the borrower's vehicle.

The car title loan industry says it serves people who have "nowhere else to go" in an emergency. What these loans really do is delay the emergency, leaving people worse off than they were in the first place. Some borrowers will end up in our town welfare offices, seeking assistance funded by our property tax dollars. The Local Welfare Administrator's Association supports reducing the maximum interest rate on these loans. The borrower may sign the contract for 300 percent interest, but we all will end up paying.

HB-562, recently passed by the New Hampshire House with broad bipartisan support, would restore a reasonable rate cap on car title loans.

I ask our state Senators to pass this common-sense bill. I also ask that we all contact our state Senators to let them know we want them to vote in favor of this bill. You can find your senator at the following link: http://www.gencourt.state.nh.us/Senate/members/senate_roster.aspx

Kim Norwood