Maine winters are brutal, and large cold weather heating bills may be problematic for families to handle. Unfortuitously, families struggling to fulfill utility or any other bills become goals for financial loans that just make things worse.
Pay day loans are on the list of worst. 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 just the right choice for customers dealing with monetary hardships, specially bills. This is certainly because payday lenders count on the clients’ incapacity to pay for the loans and their other costs вЂ” forcing them to re-borrow to settle the past loan. Continue reading