Rena McFadden
“The time to repay is too short. He’s been trying to talk to them, but they won’t talk… They want the money by the next pay day. How are you supposed to pay your bills?”
South Carolina resident Rena McFadden describes a nightmarish experience with payday loans…
Rena McFadden and her husband, Mitchell, started with a $100 payday loan for home improvements:
“He paid some of that one back, but then he got another loan for $200, then $300.”
The payday loan snowballed into a total of $2400 from five lenders.
The McFaddens:
- lost their home
- live in a biweekly rental hotel
- have payday lenders hounding them and threatening court action
Financial difficulties forced Rena McFadden to give away her two dogs:
“I loved them dogs. That really hurt me… We had plans. Now we got nothing.”
Mitchell and Rena McFadden live in Columbia, South Carolina.
Source: Payday Loans Under Pressure by Susanne M. Schafer (Associated Press)
Payday loans are expensive credit with many pitfalls. Please consider cheaper and safer alternatives such as credit unions. If you can’t avoid payday loans, be sure to compare payday lenders and always have a concrete plan to pay back the loan on your next paycheck and survive the month after.
If you have payday lenders hounding you, please read Five Things You Can Do If a Payday Lender Threatens or Harasses You by Phone. If you are being hounded by debt collectors, on the other hand, please read Debt Collection Practices – Privacy Rights Clearinghouse.
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