Maine winters may be brutal, and winter that is large bills could be problematic for families to handle. Regrettably, families struggling to fulfill energy or any other bills become goals for financial loans that only make things even even worse.
Typically 14- or 30-day loans at 260 % interest or more, pay day loans vow short-term relief but result in a debt trap that is long-term.
Taking right out a high-cost pay day loan is never ever the best choice for consumers dealing with economic hardships, particularly bills. This is certainly because payday lenders count on the customersвЂ™ incapacity to pay for the loans and their other costs вЂ” forcing them to re-borrow to settle the past loan. The lending that is payday produces the majority of its earnings from borrowers whom sign up for a lot more than 10 loans per year. Continue Reading