‘ just Like a drug’: pay day loan users hooked on quick-cash period

‘ just Like a drug’: pay day loan users hooked on quick-cash period

For Raymond Chaney, taking right out a quick payday loan ended up being like employing a taxi to drive in the united states. He wound up broke — and stranded.

The veteran that is 66-year-old Boise lives off of Social safety advantages, but lent from an online payday lender final November after their car broke straight straight down and didn’t have the $400 for repairs. Once cash advance or payday loans the 14-dayloan came due, he couldn’t pay, therefore he renewed it many times.

Within months, the money movement nightmare spun out of hand. Chaney wound up taking right out loans that are numerous multiple web web sites, trying to to prevent bank overdraft fees and spend his rent. Читать далее ‘ just Like a drug’: pay day loan users hooked on quick-cash period