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Kansas task assists consumers escape the predatory loan cycle

Kansas task assists consumers escape the predatory loan cycle

“I kept having to pay the attention about it and wasn’t getting anywhere,” she stated.

None from it decided to go to pay down the initial $900 loan.

“The very first time we took that loan out, I happened to be behind on lease,” Shannon stated. “Then one thing else arrived up also it got out of hand. I possibly could never ever see getting myself out from the gap. I was thinking the mortgage will be an encumbrance that could forever be over me.”

The Kansas Loan Pool Project, which started in 2013, has assisted 127 individuals get free from predatory financial obligation. This system is a collaboration with Sunflower Bank where the predatory financial obligation is refinanced in to a loan that is traditional. In most, a lot more than $80,000 worth of financial obligation happens to be refinanced through this program.

Shannon stumbled on Catholic Charities of Northern Kansas because she learned about the debt that is predatory system via person to person. (more…)