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Such terms are common in Texas, where payday and car title lenders are allowed to charge customers unlimited fees. Like many low-income borrowers, Tillman found he couldnt fully pay off the loan when it came due. Instead, the lender offered to roll it over for another two weeks and tack on another round of fees.
Tillman took on more payday loans to pay off the original loan and soon found himself in deepening debt. And then, can i refinance a personal loan October 2009, he was laid off. Tillman said he lost his job on a Wednesday and by Friday he was calling The Money Store to ask for an extended payment plan. No one called back. With his bank account empty and hoping to avoid overdraft fees, Tillman halted the automatic withdrawals he had set up for monthly payments on his payday loans.
Eventually, he reached a manager at The Money Store.