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Example of Payday Loans Gone Wrong
August 10th, 2010 by admin
My friend was on his honeymoon and found out that the company he worked for had filed for bankruptcy. The direct deposit of his pay that he came like clockwork every two weeks, didn’t come. What horrible luck. He didn’t have good enough credit to qualify for a personal loan so he went to a place that did Payday Loans. Low on cash, he wrote a check for five hundred dollars which was more than what he had in his bank. He received back three hundred fifty dollars. The missing one hundred and fifty dollars was his fee for the transaction. For each one hundred dollars he borrowed, the fee was thirty dollars. After two weeks, he did not have the money to pay so he had to roll the loan over. This happened for weeks on end. Unfortunately, this is not an isolated situation.