A proposed federal rule could prompt more responsible financing

Picture by Terri Williams

Beverly Currie discovered by herself in a super taut spot. Currie, a solitary mother, required extra cash for some costs but could not await her next paycheck. Rather, she visited a payday lender and borrowed a tiny amount of cash. She now claims she regrets it.

“i came across myself searching a pit,” Currie told the Shepherd. “It was terrible.”

She could not pay off her very very first loan, then wound up paying rates of interest on that and needed to remove an extra loan to settle the very first. Within the final end, she claims she finished up having to pay 1000s of dollars in nine to ten months on simply $460 in loans which were allowed to be paid quickly.