The REVOLVING doorPayday loan providers keep borrowers going back RICHMOND, Va. Elizabeth Lawson's problems started by having an $800 electric bill, caused by a malfunctioning hot water heater. Nonetheless it had been her next move that sent her funds spinning out of control. Lawson, whom lives when you look at the little city of Shawsville in southwest Virginia, decided to go to a payday financing shop in nearby Christiansburg. She borrowed $200, agreeing to cover a $36 charge once she received her Social Security that is next check. Then Lawson, 49, began juggling, borrowing from a single payday loan provider to greatly help pay back one other. In 2004 and 2005, Lawson stated, she along with her spouse had significantly more than five loans at different
