Because he had bad credit history, his only option was to turn to payday lender Seed Cash for the $900 he needed. 123RF Blair estimates he has spent up to $40,000 trying to get rid of an initial $900 loan. Payday lenders do not do positive credit reporting, as some lenders do, which would enable him to prove that he is meeting his repayments. "We see clients that get stuck in this payday loan cycle, and the only way to stop it is to stop borrowing from payday lenders. This may mean negotiating the current payday lender loans to drip feed them off at affordable levels, or a consolidation loan.

Source: Stuff October 11, 2018 16:00 UTC