Teacher $200 cash advance forced us to brink of bankruptcy

Teacher $200 cash advance forced us to brink of bankruptcy

With bills mounting up, her credit shot, and an option looming each and every morning of whether or not to spend her final bucks on meals or on fuel to make the journey to work, twelfth grade technology instructor

went online looking for economic hope.

Search engines led her to the site of the business called MyNextPaycheck. And within seconds, $200 had been deposited into her bank-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 absolutely was. Within months, she had been bankrupt.

Schmitt’s find it difficult to pay straight straight right back that initial $200 loan, with an interest that is annual of a lot more than 350 %, is merely one of the witness accounts federal prosecutors in Philadelphia have actually presented within their racketeering conspiracy situation against Main Line business owner

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