Maine winters may be brutal, and winter that is large bills may be burdensome for families to handle. Unfortuitously, families struggling to meet up with energy or any other bills become goals for lending options that just make things worse.
Pay day loans are on the list of worst. Typically 14- or 30-day loans at 260 % interest or maybe more, pay day loans vow short-term relief but trigger a debt trap that is long-term.
Taking right out a high-cost pay day loan is never ever the proper choice for consumers dealing with monetary hardships, specially utility bills. This is certainly because payday lenders count to their customersвЂ™ incapacity to pay for the loans and their other costs вЂ” forcing them to re-borrow to settle the past loan. The payday financing industry yields nearly all of its earnings from borrowers who sign up for significantly more than 10 loans per year.
Pay day loans seem easy and quick, but you will find far better choices to help cash-strapped families retain crucial utility solutions. Weiterlesen