Missouri guy Paid $50,000 in Interest After Taking $2,500 in pay day loans

Missouri guy Paid $50,000 in Interest After Taking $2,500 in pay day loans

Elliott Clark borrowed cash to guide their household but struggled to pay for it straight right right back.

В— — tiny pay day loans are touted as quick, short-term usage of cash, but individuals like Elliott Clark of Kansas City, Missouri, call them “debt traps.”

A retired and disabled aquatic, Clark nevertheless has a time that is hard concerning the a lot more than 5 years by which he states he struggled to cover $50,000 in interest which started with $2,500 of the loans, often called “cash advances” or “check always loans.”

“It was difficult for me personally to share with you it without wearing down in rips,” Clark told ABC News. “If you’re a guy you are taking care of your loved ones. Continue reading “Missouri guy Paid $50,000 in Interest After Taking $2,500 in pay day loans”