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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 along 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 came up also it got away from control. I possibly could never see getting myself from the gap. We thought the mortgage will be an encumbrance that will be over me personally forever.”

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

Shannon found Catholic Charities of Northern Kansas because she found out about the debt that is predatory system via recommendations.