Robbie McCall’s pay day loan nightmare started nine years back with a wish that is simple to get his teenage child an unique xmas present.
McCall had started getting social assistance after health issues forced him to go out of their work. A quick payday loan for some hundred dollars appeared like an idea that is good.
“It ended up being very easy,” he recalled.
Exactly what McCall did not completely understand ended up being that the interest on his loan had been determined biweekly, therefore every fourteen days the total amount he owed expanded exponentially by 20 percent.