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With bills turning up, her credit shot, and a selection looming each and every morning of whether or not to invest her final bucks on meals or on fuel to make it to work, senior high school technology instructor
went online searching for economic hope.
The search engines led her towards the site of the business called MyNextPaycheck. And within a few minutes, $200 had been deposited into her banking account вЂ” a short-term loan to cushion her until her next payday.
It seemed too good to be real, she told a federal jury final thirty days.
It had been. Within months, she had been bankrupt.
Schmitt’s battle to spend right straight right back that initial $200 loan having a yearly rate of interest greater than 350 %, is simply among the witness accounts federal prosecutors in Philadelphia have actually presented within their racketeering conspiracy instance against Main Line business owner
, a payday lending pioneer whom counted MyNextPaycheck as you greater than 25 loan providers he owned. Continue reading