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Fast Cash: How Taking Right Out a Pay Day Loan Could Land You in Jail

Fast Cash: How Taking Right Out a Pay Day Loan Could Land You in Jail

Pay day loan organizations have a debt-collection that is new: Texas courts and prosecutors.

Whenever Roger Tillman destroyed their task, he knew cash could be tight. But he never ever thought he could result in prison if you are broke.

Tillman’s task as being a security that is late-night in Houston had compensated $9 an hour or so, and by picking right on up additional changes, Tillman could simply manage lease, food along with other bills. However in 2008, amid the collapse that is economic the safety business scaled back overtime changes, straining their funds. Concerned he couldn’t spend their bills, Tillman reluctantly went along to the funds Center, a loan that is payday with places in San Antonio and Houston.

He took down a $500 loan. The 64-year-old Houstonian does not remember the precise regards to the mortgage, nevertheless the Money Center’s internet site currently offers a $500 loan at 650 % yearly interest, or just around $150 in charges and interest for the two-week loan.