‘ 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 had been like employing a taxi to operate a vehicle around the world. He wound up broke — and stranded.

The veteran that is 66-year-old Boise lives off of Social safety benefits, but lent from A internet payday loan provider final November after their car broke straight down and didn’t have the $400 for repairs. As soon as the 14-dayloan came due, he couldn’t pay, therefore he renewed it many times.

Within months, the money movement nightmare spun away from control. Chaney wound up taking right out loans that are numerous multiple web sites, trying to to prevent bank overdraft charges and pay his rent. By February, payday loan providers — who had immediate access to his bank account included in the loan terms — took every cent of their personal Security re payment, in which he ended up being kicked away from his apartment.Read more