The REVOLVING doorPayday loan providers keep borrowers going back
RICHMOND, Va. Elizabeth Lawson’s problems began with an $800 electric bill, the consequence of a water heater that is malfunctioning. However it ended up being her next move that sent her funds spinning out of hand.
Lawson, whom lives into the tiny city of Shawsville in southwest Virginia, went along to a lending that is payday in nearby Christiansburg. She borrowed $200, agreeing to pay for a $36 charge once she received her next personal safety check.
Then Lawson, 49, began juggling, borrowing in one payday loan provider to simply help pay back one other.