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Kansas task helps customers escape the predatory loan cycle

Kansas task helps customers escape the predatory loan cycle

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

None from it went along to pay along 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 also it got out of hand. I possibly could never ever see getting myself out from the gap. I was thinking the mortgage could be an encumbrance 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 program is a collaboration with Sunflower Bank where the predatory financial obligation is refinanced as a old-fashioned loan. In every, a lot more than $80,000 worth of financial obligation happens to be refinanced through this program.