Thursday, January 12, 2012

Testimony of Payday Loan Victim

I just received this email from a payday loan victim. read it and you will understand what is happening to people. Of course I have removed the identity of the person. If you have been a victim, send your testimony.

Pastor Soaries,

I would love to join the fight to challenge the predators that charge desperate people, such as myself, 400% interest on loans they so desperately need.

I was once a victim of such and almost fell for it again when I called a payday loan company named Western Sky <> .  The problem is, that people don't do the math when they calculate the interest, which I did while we were on the telephone going over my application.  Not only was the interest outrageous, but I had to pay for taking the loan.

Example, I had been approved for a $850 loan, however, there was a $350 fee that would come out of the loan, so I would actually only get $500, then the interest rate was so high, that after I did the calculations while on the telephone with the representative, I would have paid almost $2000 on a $850 loan that I only received $500 of.

So, in conclusion, yes, I would love to join the fight against these types of predators.



No comments: