Cash advance stores like this 1 in Woodway will be the target of a few policy that is social

Linda, a neighborhood drugstore clerk, does not understand precisely the amount of money she’s got placed toward pay day loans in the past few years. But she’s specific it is astronomically a lot more than the few hundred dollars she initially borrowed.

Linda, whom asked that her name that is last not utilized for privacy reasons, had been dealing with a breakup and required cash to cover bills.

The quick money available through a quick payday loan appeared like a simple solution, she said.

In the beginning, Linda managed to at the very least keep pace using the charges charged for borrowing the funds. She had been working two jobs during the time.

But in a short time, she discovered by by herself taking right out another loan to repay the very first. After which another. And another.

All told, Linda were left with seven or eight various loans more than a period that is two-year she stated. She were able to spend down a couple of of them.

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