Whenever Jon Gomez needed some cash that is quick fix a cooling fan in the 2007 Toyota, the 38-year-old distribution driver relied on a favorite economic service provided by Amscot—The Money Superstore. The Cuban-American stated he took down a $400 cash advance at certainly one of their places in Hialeah, Florida, where he lives.
All Gomez had to do was prove employment and write out a personal check from a valid bank account post-dated by 14 days, at which time he was set to receive his next paycheck to get the four Benjamins. He consented to pay off the amount that is full and also a $41 finance fee.
“we repaid the $441, nevertheless the following day, we took away another $400 cash advance he told VICE because I needed the money. “I became in this cycle that is vicious 90 days.”
It reached a spot that the guy did not have money that is enough protect one of is own cash advance checks, plus it bounced. Under Florida legislation, Gomez cannot get another payday loan until he settles the outstanding one. “That turned into a blessing in disguise,” he recalls. “we will not place myself with debt like this once more.”