December 9, 2023

Car Auto Finance

Car Auto Finance FOR Everyone

What you need to know about high-cost loans

  • Marla K. Williams is the managing attorney for Legal Aid Society’s Cookeville office and is also the lead attorney for the consumer practice.
  • David Tarpley is an attorney in the Nashville office and has practiced extensively in the field of consumer law.

Between gifts, trees, decorations, food and other expenses associated with the holidays, the end of the year can turn into a whirlwind of spending. Now, as we emerge from the holiday season, bills are coming due and some Tennesseans are understandably concerned about how they’re going to pay for it all.

To some, it might seem that the only option to cover this financial shortfall is to take an emergency cash loan. But the drawbacks of these loans often far outweigh the benefits, costing borrowers far more than expected and trapping them in an endless cycle of debt.

That’s because the costs associated with these loans are often so exorbitant that it would be impossible for any normal person to repay them. Some might say that’s by design.