Sign of trouble: gas loans

You already know about “pay day loans” but here’s a variation on the theme:  gas loans.  These are essentially pay day loans but are driven by the consumer’s need to put gas in the tank to get to work.  Here’s an example from Las Vegas:  “The economic downturn grabbing national headlines looks very personal up close, in the midnight lighting of a Rapid Cash store on Nellis Boulevard.  Between 9 p.m. and 1 a.m. on a nothing-special Friday, two dozen working Las Vegans find themselves where they never imagined they’d be: in line for a short-term loan just to make ends meet.  “I’ve driven past here a million times and I never thought I’d have to use it,” says Marvin Jacobs, a 46-year-old kitchen manager for the Clark County School District.  Tonight, Jacobs is one of five customers applying for a new kind of short-term financing agreement: the gasoline loan.”  Read article:  gasloan

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