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Recently, Renee BergeronвЂ”a solitary mom from Duluth, MinnesotaвЂ”was between paychecks and took away a tiny cash advance to simply help protect her lease. As soon as her payday arrived around, Bergeron foundвЂ”much to her dismayвЂ”that she ended up being struggling to pay her fundamental bills and also make her loan repayment. Because of this, Bergeron took away another pay day loan so that you can fund the initial loan. Today, almost 10 years later online title loans Tennessee on, Bergeron along with her kiddies reside in a shelter that is homeless and she continues to be saddled with over $4,000 in cash advance financial obligation.
Bergeron is simply one away from about 12 million borrowers whom remove such loans each 12 months, in line with the Pew Charitable Trusts.