That loan was one of the biggest mistakes I’ve ever made. It made my credit even worse. I lost my bank account. I’m paying over 400 percent in interest plus fees. Trying to keep up with these loan payments means going deeper in the hole every payday. Also I pay higher fees for a prepaid debit card, money orders, wire transfers and other financial services. It’s an extra tax on poor people.

-Oklahoma mother Sophia Foreman, who works 3 jobs but ended up taking out a high-interest payday loan to keep the heat turned on for herself and her 3 kids during the winter (Source: