Afraid of what might happen if he defaulted on the loan, Taylor went online and borrowed more money, from a different payday lender. When he couldnt pay off the second loan, Taylor took out a third. And then a fourth, and then, finally, in October 2014, a fifth.
The loan companies were taking Taylors entire paycheck every two weeks, Taylor said, and he started working odd jobs to make extra money.
He even had to write bad checks to buy groceries for himself and his mother. Still, it was impossible to stay on top of the payments. Taylor was searching for a consolidated loan to pay off his debts when he stumbled across the Virginia Poverty Law Center, which offers free legal services to low-income state residents. The center told Taylor that the types of loans he had been given were illegal in Virginia, where state law says Internet payday lenders cant charge more than 12 percent annual interest quick loans hwy 58 chattanooga tn a license.
A lawyer for Silver Cloud Financial, which gave Taylor the first loan, said that the transaction did not break any laws. The lawyer, Robert Rosette, told HuffPost that Taylors loan originated on tribal lands and not in Virginia, and therefore was not subject to Virginia state law.
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