Maria Cervantes is a customer of Montebello Housing developing Corporation in l . a ., which works together people in the Latino community thinking about purchasing their very very very first house. The following is her story, told to your Ca Senate Banking Committee:
I am Maria Cervantes and I also want to share my knowledge about payday advances.
Although we knew concerning the pitfalls of payday advances, i came across myself in times where we thought I experienced hardly any other option but to just just simply just take a payday loan out. The thing I thought could be a temporary loan changed into 5 years. ItвЂ™s been roughly five many years of spending three loans at $45 each, every fourteen days. I became having to pay $135 biweekly and $270 four weeks.