Some borrowers, however, use Payday Loans for several months, which can be expensive. Payday Loans (also referred to as Payday Advances, Cash Advances, Deferred Deposit TransactionsLoans) and high-interest loans should be used for short-term financial needs only and not as a long-term financial solution.
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And then a fourth, and then, finally, in October 2014, a fifth. The loan companies were taking Taylors entire paycheck every two weeks, Taylor said, and he started working odd jobs to make extra money. He even had to write bad checks to buy groceries for himself and his mother. Still, it was impossible to stay on top of the payments. Taylor was searching for a consolidated loan to pay off his debts when he stumbled across the Virginia Poverty Law Center, which offers free legal services to low-income state residents.
The center told Taylor that the types of loans he had been given were illegal in Virginia, where state law says Internet payday lenders cant charge more than 12 percent annual interest without a license. A lawyer for Silver Cloud Financial, which gave Taylor the first loan, said that the transaction did not break any laws.
The lawyer, Robert Rosette, told HuffPost personal loans credit score 520 Taylors loan originated on tribal lands and not in Virginia, and therefore was not subject to Virginia state law. In a statement to HuffPost, Silver Cloud said it was a legal, licensed and regulated entity that follows all federal laws.
The lender operates under sovereign tribal law, it said, adding that Native American sovereignty predates the founding of the United States, is enshrined bajaj finance personal loan online application status the United States Constitution, and is further codified through federal statutes and hundreds of years of judicial precedent.
He says he feels guilty that he wasnt able to pay back the loans. These people did give me money. It aint their fault I couldnt manage it, he said. But he says the same thing that happened to him could happen to anyone. The payments are so high [for these types of loans], theres no way anyone could honestly pay them. And anybody that dont make a whole lot of money, its gonna do them http://quickcashloans com au same way.
So they really shouldnt even be offered. If you have a personal story about borrowing money online, The Huffington Post wants to hear from you. Contact Hunter Stuart at hunterhuffingtonpost.