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Teacher $200 cash advance forced me to brink of bankruptcy

Teacher $200 cash advance forced me to brink of bankruptcy

With bills mounting up, her credit shot, and a selection looming every day of whether or not to invest her last dollars on food or on gasoline to make the journey to work, twelfth grade science instructor

went online searching for monetary hope.

The search engines led her towards the web site of the business called MyNextPaycheck. And within a few minutes, $200 ended up being deposited into her banking account — a loan that is short-term cushion her until her next payday.

It seemed too good to be real, she told a federal jury month that is last.

It had been. Within months, she was bankrupt.

Schmitt’s find it difficult to pay straight straight back that initial $200 loan, with an interest that is annual greater than 350 per cent, is simply among the witness accounts federal prosecutors in Philadelphia have actually presented inside their racketeering conspiracy instance against Main Line business owner

, a payday lending pioneer who counted MyNextPaycheck as you greater than 25 loan providers he owned. Continue reading Teacher $200 cash advance forced me to brink of bankruptcy