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

Tuesday, December 1, 2020

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

With bills mounting up, her credit shot, and an option looming each and every morning of whether or not to invest her final bucks on meals or on gasoline to make it to work, senior high school technology instructor

went online looking for monetary hope.

The search engines led her to the web site of a business called MyNextPaycheck. And within a few minutes, $200 had been deposited into her bank-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 find it difficult to pay straight right right back that initial $200 loan, by having an interest that is annual of greater than 350 per cent, is among the witness accounts federal prosecutors in Philadelphia have actually presented within their racketeering conspiracy situation against Main Line business owner

, a lending that is payday whom counted MyNextPaycheck as you greater than 25 loan providers he owned. Read the rest of this entry »