Supplemental Income for the Elderly

An elderly Louisville lady who lives on Supplemental Security Income has been involved in the payday lending cycle for 10 years.  She’s borrowed repeatedly over that time, having multiple loans out at any given time.  She estimates that she’s borrowed $1,800 over the years.  She hopes to get her current loan paid off and get […]

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Aggressive Lender Tactics

A non-traditional college student in Louisville returned to school at the age of 33.  She graduated in May, but while she was enrolled in college, she used a payday lender one time.  She gave them a check for $200 and was given $165, as the fee charged by the lender was just over $17 per $100 […]

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Extreme Interest for Extreme Emergencies

A single mother of two teens is employed as a cafeteria worker with the local school system.  During 2008, when gas was very expensive, she had a pay period where she was short on cash for her bills.  She didn’t want to bounce a check or accrue late fees, so she used a payday lender to borrow […]

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Short Term Solution, Long Term Problem

A Richardsville resident and mother of a 6-month old child turned to a payday lender when she found herself a bit short of cash to pay her bills. She borrowed around $400 and repaid it on time.  She took out a second loan for about $450 and got behind on it soon afterward.  She took out […]

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The Problem is in the Solution

A single mother of three in Owensboro borrowed about $200 from a payday lender.  She wasn’t able to pay it off immediately; instead she made payments when she could.  The interest was adding up and over the course of 6 months, she paid back between $500 and $600, but still hadn’t paid the loan off.  Finally a […]

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Minor Loans become Major Problems

A Lawrenceburg wife and mother used a payday lender in 2001 to borrow less than $200 to cover her musician husband’s transportation expenses. She wasn’t able to repay it within the two weeks and had to renew the loan. She got caught in a cycle of paying minimum amounts and renewing the loan. This went […]

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New Report: Payday Loans are gateway to long-term debt

New CRL Research: Average “short term” loan keeps borrowers in debt for 212 days per year Center for Responsible Lending Although payday loans are marketed as quick solutions to occasional financial shortfalls, new research from the Center for Responsible Lending shows that these small dollar loans are far from short-term.  PaydayLoans, Inc., the latest in […]

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Turning Poverty Into A Multibillion-Dollar Industry

Highlights from NPR and WHYY’s Fresh Air Program Interview with Author and Journalist, Gary Rivln. Download the Fresh Air podcast or listen to the WHYY story online using the link above. Buy Gary Rivlin’s book Broke USA on Amazon On why payday loan operations exist in poorer neighborhoods “[Payday loan operations] are there because banks […]

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