Temple Daily Telegram: Payday, auto title loans prompt agency’s concern
August 22, 2015
Chris Hill’s advice for anyone considering taking out a payday loan is “don’t do it.” A piece of junk mail caught Hill off guard, and the $600 loan he took out as a result of the letter ended up costing him much more than he ever expected. The loan included $160 a month in fees.
Hill and a number of others representing local agencies and churches addressed the Temple City Council during a workshop session Thursday to discuss the problems that payday loan and auto title lending companies are causing financially strapped residents. The payday loan company Hill was dealing with took $800 from Hill’s bank account early, which resulted in his rent check to the Temple Housing Authority to bounce. Hill, who is disabled and confined to a wheelchair, has been a resident of the Housing Authority for a number of years and his only income is from Social Security disability.
Read more here.