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Kansas task assists customers escape the predatory loan cycle

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

None of it went along to pay down the initial $900 loan

“The very first time we took that loan out, I became behind on lease,” Shannon stated. “Then one thing else arrived up plus it got out of hand. I really could never ever see getting myself from the opening. We thought the mortgage will be a weight that could be over me personally forever.”

The Kansas Loan Pool venture, which started in 2013, has assisted 127 individuals escape predatory financial obligation. This system is a collaboration with Sunflower Bank where the predatory financial obligation is refinanced right into 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 predatory debt settlement system via person to person. Continue Reading…