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In 2007, if the continuing state legislature in Iowa had been considering mortgage loan limit on auto name loans, Rod Aycox paid a trip towards the heartland.
The creator and primary executive officer of Atlanta-based Select Management Resources owns about 660 title lending stores in 21 states, including united states Title Loans and LoanMax in Southern Dakota. He could be among the titans of a business that brings much more than $4 billion yearly in interest charges.
Aycox, an old car or truck salesman and pawn shop owner, travelled to the Quad City airport inside the personal jet and proceeded to guard the type of their company, which critics label as predatory for targeting low-income customers with high-risk loans that carry interest levels because high as 400 %. Read more