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Teacher $200 pay day loan pressed me to brink of bankruptcy

Teacher $200 pay day loan pressed me to brink of bankruptcy

With bills turning up, her credit shot, and a selection looming every morning of whether or not to invest her last bucks on meals or on gasoline to make it to work, senior school technology instructor

went online looking for monetary hope.

The search engines led her towards the site of a business called MyNextPaycheck. And within seconds, $200 had been deposited into her banking account — a short-term loan to cushion her until her next payday.

It seemed too good to be real, she told a federal jury month that is last.

It had been. Within months, she ended up being bankrupt.

Schmitt’s find it difficult to spend right back that initial $200 loan having an interest that is annual in excess of 350 %, is among the witness accounts federal prosecutors in Philadelphia have actually presented inside their racketeering conspiracy instance against Main Line business owner

, a payday lending pioneer whom counted MyNextPaycheck as you in excess of 25 creditors he owned.

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