It Was A Trap

I was just going to use the money to pay some bills. I got behind on my utilities, especially my electricity. I’m a single mom, I work as many hours as I can, and I couldn’t pay our electric bill and they were going to shut it off again- I have kids. So, I asked my family, friends, my church again, DHHS, the local LOVE INC. and I still didn’t have enough to get caught up. Then my mom told me about cash advances through these lending places and how it was so easy to get. I felt really worried because they take a lot of information but the people that work there are so nice. They make you feel really comfortable and like its no big deal, they pretend to be your friend.

Soon after I became afraid they were going to garnish my wages and I became really anxious because it became a terrible cycle I could not get out of. I borrowed the initial money to pay my electric bill, but then my heat bill was higher and I couldn’t pay that AND the loan back with the interest. So I went in to make my payments but I was only paying the interest and nothing on the principal and I got caught in it over and over for a year. Finally, my mom had to come pay the loan off and bail me out because I could not ever get it paid off no matter how hard I tried. Then, I think my mom used a payday lender to get me out, and now she is stuck in one again.

This is awful, it’s a trap, and it is so expensive it has ruined my family in more ways than one. Please, whatever you do do not take out these loans!!! They need better laws in Michigan to tell these businesses what they can and cannot do! The interest needs to be lowered on these loans, and there needs to better repayment options like longer terms with lower interest. They also need to put a better limit on what you can borrow and disclose their terms in big more obvious letters and EXPLAIN IT they should have to- because I didn’t understand everything they were saying!!!!

People should not do this, take budgeting classes, I took one through LOVE, INC and there needs to be more knowledge out there available to lower income people without as much technology and in more common places we go.


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