Category Archives: payday loans ohio

‘ Like a drug’: cash advance users totally hooked on quick-cash period

For Raymond Chaney, taking right out a quick payday loan ended up being like employing a taxi to operate a vehicle around the world. He wound up broke — and stranded.

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

Within months, the money flow nightmare spun away from control. Chaney wound up taking right out loans that are numerous multiple web internet web sites, wanting to to prevent bank overdraft fees and spend his rent. By February, payday lenders — who had access that is direct his bank account included in the loan terms — took every cent of his personal Security payment, and then he ended up being kicked away from their apartment. He’d lent almost $3,000 and owed $12,000.

“I’m not dumb, but i did so a stupid thing,” said Chaney, who’s now homeless, residing in a rescue objective in Boise. Continue reading