Pete Alfeche does not remember just how he first encountered CashNetUSA, the affiliate that is online of payday loan provider Cash America. He thinks he got an email pitching a fast loan.
But Alfeche, a Havertown insurance adjuster, is convinced of just one thing: the maximum amount of he needed the $250 he borrowed that day five years ago, taking the high-cost, short-term loan was a mistake he'd like to help protect others from making as he believed. Within per year, he had compensated almost $2,000 in finance costs, most of it to repeatedly move within the initial loan.
Alfeche decided to inform his story a week ago to assist battle proposed legislation, sponsored by State Rep.