Austin-American Statesman: Payday Lending on the Rise in Texas
March 7, 2015
The Rev. Wendel “Buck’’ Cass, a retired Tarrant County employee, normally keeps to a tight budget. But he was short on cash when his car broke down a few years ago, so he took out a $500 payday loan on McCart Avenue in Fort Worth.
Cass, 69, expected to pay an extra $50 to $125 to secure the loan. But after three months, when he could afford to pay it off, he owed more than $300 in interest. When all was said and done, he had paid more than $810 to borrow $500.
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