Five years ago, Naya Burks of St. Louis borrowed $1,000 from AmeriCash Loans. The money came at a steep price: She had to pay back $1,737 over six months. “I really needed the cash, and that was the only thing that I could think of doing at the time,” she said. The decision has hung over her life ever since. A single mother who works
When Lenders Sue, Quick Cash Can Turn Into A Lifetime Of Debt
High-cost loans — with annual interest rates ranging from about 30 percent to 400 percent or more — can turn a $1,000 loan into $40,000 of debt.