Michael Smith, a resident of California, was studying for his PGDCA degree at a college in the state, where he was staying at a hostel with other students. He left behind a two-page suicide note.
Payday loan apps are a lifesaver to millions
Payday loans offered by lenders like Payday Champion can be a good option for those who need extra cash to cater to their day-to-day expenses. Borrowers are, however, advised only to borrow the amount they can comfortably pay to avoid getting into a financial crisis. According to this incident, it is clear that the PGDCS student did not have more information on the benefits and drawbacks of payday loans.
According to a police officer, the student allegedly committed suicide by hanging himself from the railing of his dormitory.
Left a suicide note
The police have obtained a two-page handwritten suicide note from the scene they are investigating.
Teen Patti was an online game that Michael Smith, 25, became addicted to, according to his suicide letter. “To generate ‘fast money’ to lift my family out of poverty, I obtained a loan through an online App and placed bets in the online game Teen Patti. However, I was defeated. I am unable to make the loan repayments. They (Loan App) threaten me by making WhatsApp calls to my phone number. According to the suicide note, “They have also started sending threat messages to the folks on my contact list,” Michael allegedly wrote.
The preliminary inquiry conducted by the police found that Smith had borrowed over $100 through the Loan App and had used all of the money to play the game before being arrested.
According to investigating officer Jesse WhiteW, Michael Smith, a resident of Bistan in Khargone district, was pursuing a PGDCA at a city college while residing in a boys’ hostel. He was discovered dangling from the stairwell’s railing. He was also employed as a security guard in a different city.
Smith’s friend Jammy informed the media that he had gotten a phone call from Smith’s sister, who told him that she had been unable to contact him due to the circumstances.
He then checked on Smith, who he discovered hanging from the stairwell.
Wanted to improve parents living condition
Smith apologized to his mother in his suicide note for his involvement in an online game. He stated in his letter that he wished to win money to purchase a house for his parents. In addition, he requested that the police assure him that his parents would not be persecuted because of the debt amount.
What you should know before getting a payday loan
Michael Smith represents millions of people who find themselves in severe financial hardships after getting a payday loan. However, lenders like Payday Champion are 100% genuine with no hidden costs and expensive fees. Here is what you should keep in mind before taking a payday loan
Payday Loans Are Exorbitantly Pricey
For high-interest credit cards, borrowers may be charged an annual percentage rate (APR) of 28 to 36 percent, but the average payday loan’s APR is commonly 398 percent.
The Use of Payday Loans Can Put You in Financial Danger
Numerous borrowers find themselves unable to pay back their loans within the standard two-week repayment period. When the payment is due, they must borrow the money or pay another round of fees, which causes them to go deeper and deeper into debt.
Payday lenders have a reputation for being ruthless debt collectors.
If you cannot pay back the loan, you could expect a bombardment of methods, including late-night phone calls from debt collectors.