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Can a bill with very little teeth stop the loan sharks profiting on high-interest car, payday and ot

In 2009, LaHaven Criner badly needed some extra cash.

The Sacramento radio personality and insurance agent, who is 39 now, said his wife was a full-time student at the time and he was the only bread winner. Plus, he made some bad financial decisions before that, trying to live above his means. His credit rating would not have scored him a traditional low-interest bank, credit union or credit card loan.

“I ended up taking out six $250 payday loans from Check Go Loans and California Check Cashing – one after the other to pay off the last one - - and each one of them had really high interest rates and built-in fees and penalties,” he said.

Soon, Criner found himself caught in cruel cycle of back-to-back due dates, unaffordable late fees and threatening phone calls from aggressive bill collectors.