Maine winters may be brutal, and winter that is large bills could be burdensome for families to control. Regrettably, families struggling to meet up energy or other bills become objectives for financial products that just make things 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 out fully a high-cost pay day loan is never ever the best choice for consumers dealing with economic hardships, specially bills. This is certainly because payday lenders count on the customers’ failure to pay for the loans and their other costs — forcing them to re-borrow to settle the previous loan. The payday financing industry produces nearly all of its profits from borrowers whom remove a lot more than 10 loans a year.