Stories from real montana families
Anonymous- “I had two children to care for one eight and one under two and we needed money for diapers and food.” She felt she had to take a payday loan. “The charges were amazing, it was like a $200 loan and it ended up being something like $650 when they went in and paid it [speaking of her parents who paid the loan] and that was 19 days later.”
Dari Ann -paid over $900 for a $400 loan. “They would call everyone on my list,” she said, speaking of the list of references required by payday lenders. Dari Ann paid a fee of $238 to borrow the money at a 182% interest rate. “They kept sending me stuff in the mail to renew my loan.”
Ranee- Finding it easy to get the loans, her and her husband ended up taking out 8 or 9, taking one to pay the other. “They started calling his boss...they would call our cell phone, our house phone, all of our family.” Her husband eventually lost his job in the navy due to the debt and in turn they lost their home
Amanda- After leaving an abusive relationship she took out a payday loan to make rent. The lender sent in the check she had written for collateral multiple times when she was unable to pay, causing her checking account to be closed. “Currently I owe over $1000 for $400 in loans.”
Linda- After moving to Missoula from Orlando Florida was in need of financial help to pay her rent. “Unfortunately because of my circumstances.. I have been unable to pay these loans back.” “I realize they are geared for the poor and the interest rates are astronomical but in a pinch what are you to do?” She asks. Linda has a 680% APR on her loan
Lanica- “I have to borrow more money to pay off one payday loan just to survive off of another.” She says. She tells of the troubles she has had paying the loans off. “I don’t ever get out because they keep giving me another loan.”
Jessica- and her husband took out a payday loan when they found themselves without a home. “We got a payday loan for $300...two weeks from the day we took the payday loan it took my whole check. We had to pay $420 back.” They paid the loan off in full. They struggled through the next two weeks lacking necessities. She was determined not to take another.
Do you have a story about payday lending? To share your story with MWV and help educate Montana about the effects of payday loans contact:
Montana Women Vote
2525 Palmer St, Suite 1
Missoula, MT 59808
(406)543-3550 x213
email: Olivia@montanawomenvote.org
or fax them Attn: Montana Women Vote to 406-721-4584.
