The loan companies were the sharpest people he had ever had anything to do with. Once he had secured a two-hundred-dollar loan from one of them, but he swore it was the last time he would ever bind himself to such an agreement. To begin with, they came out to see him two or three times a week; some of them from the company’s office would come out to the farm and try to tell him how to plant the cotton and how much guano to put in to the acre. Then on the first day of every month they came back to collect interest on him. He could never pay it, and they added the interest to the principal, and charged him interest on that, too.
By the time he sold his cotton in the fall, there was only seven dollars coming to him. The interest on the loan amounted to three per cent a month to start with, and at the end of ten months he had been charged thirty per cent, and on top of that another thirty per cent on the unpaid interest. Then to make sure that the loan was fully protected, Jeeter had to pay the sum of fifty dollars. He could never understand why he had to pay that, and the company did not undertake to explain it to him. When he had asked what the fifty dollars was meant to cover, he was told that it was merely the fee for making the loan.
When the final settlement was made, Jeeter found that he had paid out more than three hundred dollars, and was receiving seven dollars for his share. Seven dollars for a year’s labour did not seem to him a fair portion of the proceeds from the cotton, especially as he had done all the work, and he had furnished the land and mule, too. He was even then still in debt, because he owed ten dollars for the hire of the mule he had used to raise the cotton. With Lov and Ada’s help, he discovered that he had actually lost three dollars. The man who had rented him the mule insisted on being paid, and Jeeter had given him the seven dollars, and he was still trying to get the other three to pay the balance.
--Erskins Caldwell, Tobacco Road