I know a guy who lost his job. He took out a payday loan, thinking he would pay it off when he started his new job. But it took him longer to get a job than he thought, so he took out a second load to pay off the first and also give him money to live on. By the time he actually got a job, this same thing had happened several more times, and he could no longer borrow enough to pay off the previous loans and to live on until his first payday which has a month in the future. He ended up taking out bankruptcy.
I know a guy who lost his job. He took out a payday loan, thinking he would pay it off when he started his new job. But it took him longer to get a job than he thought, so he took out a second load to pay off the first and also give him money to live on. By the time he actually got a job, this same thing had happened several more times, and he could no longer borrow enough to pay off the previous loans and to live on until his first payday which has a month in the future. He ended up taking out bankruptcy.