But he never thought he could end up in jail for being broke. Tillmans job as a late-night security guard in Houston had paid 9 an hour, and by picking up extra shifts, Tillman could just afford rent, groceries and other bills.
But in 2008, amid the economic collapse, the security company scaled back overtime shifts, straining his finances. Worried that getting an unsecured personal loan couldnt pay his bills, Tillman reluctantly went to The Money Center, a payday loan company with locations in San Antonio and Houston. He took out a 500 loan. The 64-year-old Houstonian doesnt recall the exact terms of the loan, but The Money Centers website currently offers a 500 loan at 650 percent annual interest, or about 150 in fees and interest for a two-week loan.
Such terms are common in Texas, where payday and car title lenders are allowed to charge customers unlimited fees. Like many low-income borrowers, Tillman found he couldnt fully pay off the loan when it came due. Instead, the lender offered to roll it over cash advance erlanger ky another two weeks and tack on another round of fees.
Tillman took on more payday loans to pay off the original loan and soon found himself getting an unsecured personal loan deepening debt.
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