Cities Eye Payday Loans—Interest Levels Around 600 Per Cent

Cities Eye Payday Loans—Interest Levels Around 600 Per Cent

By Louis B. Parks

During the period of a long period, Liz Fritz’s mother, now 79, took down four loans that are payday $1,580. Yearly rates of interest ranged from 539 per cent to 645 per cent. For security, she utilized her personal Security check, her only revenue stream.

“It had been therefore apparent that she don’t have the amount of money,” stated Fritz, 53, an old San Antonio commercial property broker. “None of those loans ever ended. Each and every time she’d make re re payments, they would restore her loan.”

Ultimately, struggling with decreasing wellness, Fritz’s mom joined a medical house in San Antonio. The lenders stopped trying to collect the unpaid debt after a while. Continue reading “Cities Eye Payday Loans—Interest Levels Around 600 Per Cent”