Maine Sounds: ‘A blog post-Christmas time Carol’: Avoiding the pernicious payday loans loans trap

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AUGUSTA – The holidays are over, also the traditional telecasts out-of Charles Dickens’ “A christmas Carol.” It’s never ever clarified just what Ebenezer Scrooge’s company are. The newest ghost away from Jacob Marley, Scrooge’s dry lover, makes reference to it as a great “counting house.” I presumed they certainly were nineteenth-century financing sharks.

Once the escape debts become https://paydayloanservice.net/payday-loans-ky/ due from the new year, it is prompt when planning on taking a close look at the an especially avaricious 21st-100 years version of Scrooge and Marley: “payday lenders.”

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Pay-day lenders try firms that create brief, short-title, unsecured loans (also known as payday loans) with installment at extraordinary rates of interest (specific as much as 400 % or more) that always become owed in this a couple weeks shortly after bill regarding the mortgage. When you find yourself states for example Maine have traditionally upheld strong protections, certain people fall target so you can businesses that fall outside of condition legislation. Continue Reading