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Sanchez: Short-term fix contributes to nightmare that is long-term. This period continues before the borrower winds up paying several times on the initial quantity.

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Sanchez: Short-term fix contributes to nightmare that is long-term. This period continues before the borrower winds up paying several times on the initial quantity.

Thursday

Every day in Texas, predatory payday and auto title loan providers drain valuable resources from our regional economy with loans that carry extortionate charges — adding as much as an expense greater than 500 percent yearly % price.

Payday-loan borrowers are working families simply with unexpected household expenses, students paying for books and classes and, of course, older Texans helping children and grandchildren break free from these high-cost loans like you and me. One out of five borrowers in Texas is age 50 or older.

Loan providers market these loans as an instant and effortless fix — up to 1000s of dollars with “no credit limitations” and no background check. But, when an individual takes out that loan, the nightmare that is real. Read More