Category Archives: 2 payday loans at once

Teacher $200 pay day loan forced me to brink of bankruptcy

Teacher $200 pay day loan forced me to brink of bankruptcy

With bills mounting up, her credit shot, and an option looming every morning of whether or not to invest her final bucks on meals or on fuel to make the journey to work, twelfth grade technology instructor

went online looking for economic hope.

The search engines led her towards the site of a ongoing business called MyNextPaycheck. And in a few minutes, $200 had been deposited into her banking account — a loan that is short-term cushion her until her next payday.

It seemed too good to be real, she told a federal jury month that is last.

It had been. Within months, she ended up being bankrupt.

Schmitt’s battle to spend straight straight back that initial $200 loan, by having a yearly interest greater than 350 per cent, is among the witness accounts federal prosecutors in Philadelphia have actually presented inside their racketeering conspiracy situation against Main Line business owner

, a payday lending pioneer whom counted MyNextPaycheck as you in excess of 25 loan providers he owned. Continue reading Teacher $200 pay day loan forced me to brink of bankruptcy