Industry claims many clients can easily pay off high-interest loans.
The Salt Lake Tribune by Lee Davidson
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Herman Diaz of Southern Salt Lake borrowed their very very first pay day loan at about 500 per cent interest that is annual he required $300 to correct his automobile.
That mushroomed, he claims, into almost $10,000 of financial obligation, fundamentally forcing him into bankruptcy.
Mostly, he took away many larger loans to spend down early in the day ones while they arrived due.