Fox News Latino: The Payday Cycle – Why Taking a Payday Loan To Avoid Overdrafts Often Backfires
August 26, 2013
Many people take out an emergency loan to meet daily expenses without overdrawing on their checking account. But most people aren’t able to pay back their loan in full by the end of the term and make the next week’s expenses; instead, they take out another payday loan, and another, and another. And even when trapped in the payday loan cycle, many borrowers are hit by what they wanted to avoid: Overdraft fees. Read more here.