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Sep 28, 2017 - 34 minute read

Personal loan sharking

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Personal loan sharking

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Personal loan sharking

Although the cash advance helped Taylor buy the land, it came with a 705 percent annualized interest rate. Over the course of 10 months, Taylor would have to pay an extra 3,150 on top of the 1,000 hed borrowed. Although Taylor works full time and makes a 48,000 yearly salary, he found it impossible to keep up with the payments and still have money left over for living expenses. Afraid of what might happen if he defaulted on the loan, Taylor personal loan sharking online and borrowed more money, from a different payday lender.

When he couldnt pay off the second loan, Taylor took out a third. And then a fourth, personal loan sharking then, finally, in October 2014, a fifth.

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