Deborah: Fort Worth
January 15, 2013
It comes down to “a world shattering experience” for myself and everyone I have ever known who has gotten one of these loans.
Two of my friends (also on disability) had taken out car title loans: The bottom line was IT WAS TOO EXPENSIVE and they BOTH HAD THEIR CARS REPOSSESSED. The manager showed no compassion even though both friends tried to make arrangements.
Working for 35 years and becoming disabled after 5 back surgeries over an 8-year period, I suffered with not only a physical/mental disability but a financial disability as well. My credit was severely effected prior to my disability award so I had to turn to a payday loan like countless others who can not get a loan with a decent interest rate.
Every friend, family member and myself have renewed the payday loans a minimum of 2 or 3 times and paid excessive finance charges while only saving money to pay the principal. I get sick knowing that I will need extra money during any given month, since it is so difficult living on Social Security alone. Credit scores do not tell you what a person is really like or has endured to get where they are – we all need a little help from time to time. Sad it has to be from the predatory lenders and not a credible financial institution.