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

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

For Raymond Chaney, taking right out a quick payday loan ended up being like hiring a taxi to push in the united states. He finished up that are broke stranded.

The veteran that is 66-year-old Boise lives off of Social safety benefits, but lent from an online payday lender last November after their car broke straight down and didn’t have the $400 for repairs. Once 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 finished up taking right out multiple loans from multiple internet web sites, trying to to prevent bank overdraft charges and spend his rent. Continue reading “‘ just Like a drug’: pay day loan users totally hooked on quick-cash cycle”