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Kansas task assists customers escape the predatory loan cycle

Kansas task assists customers 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 original $900 loan.

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

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