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High-Interest Pay Day Loans Called Predatory, But Regulations Die In Iowa Legislature

By Lauren Mills | August 9, 2014

Easy Cash Solutions, on First Avenue in Cedar Rapids, is pictured on February 26

Simple Cash Systems, situated on first Avenue in Cedar Rapids pictured on February 26.

Brian Curtis took away their very first pay day loan whenever he had been 19. It took significantly more than a ten years before he got out of under it in addition to climbing interest payments that accompanied.

“It’s a trap, ” he stated.

Curtis, 37, and residing in Davenport, stated he previously approximately $5,000 in pay day loan financial obligation after taking right out loans for a $1,500 automobile fix while surviving in Florida, after which once again as he relocated to Missouri and required a deposit for a condo. Continuer la lecture