You live on a limited income, paycheck to paycheck. Now your next paycheck is in jeopardy, because your car won’t start. What to do?
There’s that payday lending store around the corner, so you go take out a loan and buy a new battery for your car. You give the lender a post-dated check for the amount of the loan, plus interest and fees. The lender cashes your check after you get paid. Done deal, right?
Not always, according to David Gray with the Louisiana Budget Project.