DLC, LLC Payday Loan Complaint

DLC, LLC Payday loan department,

Charged fees or interest I didn't expect California

She was facing financial hardships due to her husband losing his job. Their family was losing their home and they were filing for bankruptcy. In search of a way to stabilize their finances, she turned to payday lending. - years ago she fell into the debt trap cycle and seeing as her financial situation was not getting better and instead was worsening, she continued to take out loans to pay back the lenders and stabilize her finances as much as she could. A year ago she took out a $2600.00 loan with Dollar Loan Center in -, CA, where she pays 140 % interest and makes - payments of $240.00. At this point, she says she has almost paid off that loan but still owes the lender $900.00. The high interest rate and the large - payments have made it difficult for her to repay the loan quicker. The large payments make her and her family sacrifice basic needs and they have been forced to cut back on groceries and even have difficulty paying the bills for their utilities. Payday lending has her trapped in a cycle of debt she ca n't exit. The loans have taken over all her expenses and it has become incredibly hard for her to imagine when she 'll be able to be completely debt free. She believes these lenders do not give borrowers enough time to pay back the loan and in addition to the high interest rates, it makes it nearly impossible to not fall into the cycle of debt. She says that these loans have become detrimental and she is n't able to save or find a way to bring her finances up to date.