The Guardian: Payday Loan Borrowers: ‘When are we going to be done paying these people?’
March 26, 2015
It’s the first week of February and Anthony Goytia has already spent his tax refund. It all went towards one thing: paying off his payday loans.
“It wasn’t as big as we usually get, so we weren’t able to pay everything we wanted to. I still have two outstanding payday loans and my wife also has two. And then, together we have one installment loan,” said Goytia, who paid down about $3,000 worth of loans with his tax return. One in six payday loan borrowers used a tax refund to pay off their payday loans, according to a 2013 Pew Charitable Trust report.
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