Jamela Lott admits that in hindsight, she made a bad decision in a time of stress. A 13-year-old car was her one asset — but now it is in jeopardy of being lost. In August, the single mother of five was struggling to provide for herself and three minor children (two are grown). When she got behind on rent payments, she walked into a Loan Max office in Akron and took out a $900 loan. She had used cash-advance lenders before, but since she was without a job at the time, the only thing of value that she could offer as collateral was her 2001 Oldsmobile Alero, which she said is worth $3,400. She bought it in 2012 with her income tax refund. Terms of the loan called for Lott to provide a...
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