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

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

Elliott Clark borrowed cash to aid their family members but struggled to cover it straight back.

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 pay for $50,000 in interest which started with $2,500 of the loans, often called “cash improvements” or “check always loans.”

Continue reading