ANNAPOLIS, Md. (AP) — Maryland’s attorney general is taking several businesses to court, saying consumers are at risk of losing their vehicles because of the companies’ predatory loans.
The Daily Record reports Attorney General Brian Frosh announced the charges against Cash-N-Go Inc. and related businesses in a news release on Friday.
Prosecutors say the businesses offered “title loans” at rates more than 10 times the state’s maximum legal rate of interest. Title loans are short-term, high-interest loans secured by consumers’ vehicles.
The news release said Cash-N-Go and related businesses typically charged annual interest rates of 360%. Vehicles were repossessed and sold if consumers couldn’t pay.
The release said Cash-N-Go has locations in Capitol Heights, Frederick, Laurel, Rockville, Waldorf and Westminster.
The Daily Record reports that the attorney for Cash-N-Go wasn’t immediately available for comment.
Information from: The Daily Record of Baltimore, http://www.thedailyrecord.com