Amarillo Globe-News: State Lawmakers Target Payday Loans
May 3, 2015
AUSTIN — Like other financially struggling Texans who need a short-term loan, Janice Rivera said she and her husband thought they could repay $1,500 they borrowed from an auto-title lender two years ago.
“From the beginning, when we took the loan, we understood that I would make payments,” Rivera said after testifying Wednesday at a Texas House Committee hearing.
“The amount repaid would go to the principal because the auto-title company was like a regular bank,” she said.
But the resident of Belton, a small community just south of Temple, said she eventually realized that after having repaid more than $2,000, she and her husband still owed the $1,500 they borrowed.
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