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74 in interest. Still, in August 2012, she borrowed another 1,000 from Plain Cash loans owosso michigan, and in September 2013 another 1,600. Paying her last loan off cost her 2,834 in interest over just four months. All told, Rice borrowed 3,400 from Plain Green and paid 6,197.
58 in interest. To cover that amount, she took out yet another loan from another cash loans owosso michigan payday lender. As I was keying in to get the money to get that car fixed, I knew I was wrong, Rice told HuffPost, but I had no other choice.
T he payday loan industry as a whole is structured to take advantage of people like Rice. Payday lending, whether its online or storefront, is designed to get borrowers in for what they expect will be a quick fix to a financial problem, but will instead keep them in long-term, high-cost debt that will destabilize them financially and set them back substantially, said the Center For Responsible Lending's Ellen Harnick.
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