On a recently available Saturday early morning, Sam Heredia, a 29-year-old producer for a Spanish language early morning radio show, stopped in at a Nix Check Cashing branch in Highland Park, a middle-class Mexican-American neighbor hood simply north of downtown l . a ..
Heredia had come for the Nix standard payday loan offer: a $400, 14-day loan, for $42.25. He published a check that is postdated the entire quantity and pocketed the money.
Heredia, who had been wearing sunglasses and a vivid red and soccer that is blue, stated in a job interview in the parking area which he required fast cash to assist remain current on bills.
. He said that the automobile ended up being their pride and joyвЂ”вЂњi really like it,that he took out a loan to pay for itunder his father-in-lawвЂ™s name because he has bad creditвЂќ he saidвЂ”but. He could be having problems maintaining up using the repayments as well as other accrued financial obligation.
Every a couple of weeks or more for the past 12 months, Heredia has made the day at Nix, borrowing $400 everytime. This means he has got paid about $1,000 in interest on their borrowing, which works away to a 362 per cent interest rate that is annual.
вЂњI think it is a percent that is highвЂќ he said.