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Special Report on

Predatory Rent To Own Stores

predatory rent to own stores special research report Photo by havasuchamber.com
The people in this growing segment of the population cash their paychecks at corner stores that charge a steep fee. If they need some quick cash, they might pawn something or get a high-interest payday loan . And if they need a refrigerator or a new couch, they shop at the local rent-to-own (RTO) store. For many working poor, it simply isn't possible to purchase big-ticket household merchandise without a credit card or a bank loan. RTO stores like Rent-A-Center and Colortyme are small department store chains that cater to clients with credit problems. �I�nstead of buying a refrigerator on credit or taking out a loan from a ...
with the condition that the item will be owned by the renter if the term of rent is finished, or that the lease can be converted to a sale for a nominal fee at that time. The term may also apply to transactions concerning real estate or commercial or industrial equipment, although these areas may present issues that are substantially different from those of the storefront furniture and home appliance segment.
REVIEWS AND OPINIONS
Rent A Center, Inc
Most consumers would feel that they had been badly cheated if they paid $1,000 for a washing machine that in reality carried a maximum retail price of $400. But millions of low-income U.S. consumers face such costly scams daily. It is all part of a rent-to-own industry that preys on customers who lack the money to buy items like furniture, televisions, refrigerators, washer-dryers and other household goods � even pots, pans and dishes. What few protections consumers have against rent-to-own abuses are being threatened by legislation pending in Congress. Under provisions lobbied by the industry, stronger state laws would be ... market research, surveys and trends
Rent to Own – Another Form of Predatory Lending
lending and now we turn our attention to another kind of predatory lending: rent to own. In this scenario, people (usually in low income brackets) buy TVs, appliances and furniture at inflated prices. They are lured in by the seemingly low monthly, affordable payments but wind up paying up to four times as much for their purchases as they would by paying cash. The United States Department of Defense considers rent-to-own a predatory lending practice (defined as an “unfair or abusive loan or credit sale transaction or collection practice”), and groups it with payday loans, title loans, refund anticipation loans and ... market research, surveys and trends

SURVEY RESULTS FOR
PREDATORY RENT TO OWN STORES

Rent-to-Own - Predatory Lending
Borrowers give an estimated $3.4 billion annually to payday loans; ... Rent-to- own stores charge effective APRs ranging from 16 percent to 275 percent for ... industry trends, business articles and survey research
CNN.com - Predatory lending: There ought to be a law - Aug 19, 2005
Recent studies from Harvard and the University of North Carolina, as well as reports from other financial experts, estimate that each year more than 10 million poor and elderly Americans are being scammed out of $50 billion in exorbitant fees and unconscionably high interest rates imposed by unscrupulous lenders. Across the country, dishonest payday loan stores, rent-to-own centers, check cashing stores, sub-prime home mortgage companies and other "predatory lenders" are taking thousands of dollars out of the pockets of poor people in clear view of the law. They are wreaking havoc on the country's working class, often ... industry trends, business articles and survey research
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INFORMATION RESOURCES

DoD Report to Congress on Predatory Lending Practices - Outline ...
Congress a report on predatory lending practices directed at members of the ..... check cashing outlets, pawn shops, rent-to-own stores and via Internet ... technology research, surveys study and trend statistics
Rebuttal from Rent-A-Center Generally, the Rent-A-Center letter ...
We find that the academic literature on predatory lending practices includes rent-to-own stores in its coverage. We also find that while a majority of ... technology research, surveys study and trend statistics
REAL TIME
PREDATORY RENT TO OWN STORES
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QUESTIONS AND ANSWERS
Which rent-to-own furniture place is the best? - Yahoo! Answers
I can't afford to pay for a whole set of living room furniture so I am willing to make payments but could you recommend any good place (good and cheap would be even better!).It doesn't have to be anything designed by the 'big fish'. P.S.I live in Orlando As others have said, rent-to-own is hugely expensive in the long run. And, do you really want a living room that looks like it came out of a furniture store? Watch the paper for yard sales, go to second hand stores. There are tremendous bargains out there, if you learn to recognize quality and are willing to do a little "sprucing up" of your ...
Is it really right to say 'it's not money like magic' in this deal?
As part of a deal announced last November, Magic Johnson is appearing in a marketing campaign throughout the 2009 tax season for Jackson Hewitt, the franchise tax preparer notorious for preying on low-income people. Magic appears in television ads, radio spots on urban stations and billboards in communities of color endorsing the “Money Now Loan” —one of the largest sources of high-interest tax refund loans in the nation. The ads, streamed on www.JacksonHewitt.com , feature Magic talking about how his teammates helped him to succeed, and how everyone needs a little help sometimes. “It’s money like Magic,” is the commercial’s ...