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Article by Paul Shipp of Kansas Legal Services
The number of Payday lenders has grown at an oddly rapid rate over the past few decades, mainly in low income areas. Typically these lenders market directly to low income borrowers, notably those on a steady, fixed, and certain income. Borrowers are often at or below the poverty level; many live off only fixed incomes and are elderly or disabled.
Special report from the Center for Responsible Lending, June 2023
The national Center for Responsible Lending (CRL) reports that single-payment and payday installment loans in 31 states drain more than $2.2 billion in fees per year from borrowers whose average incomes are approximately $25,000 a year.
Car-title loans drain more than $700 million annually from borrowers in 17 states.
Together these predatory loans drain almost $3 billion annually from those families who can least afford it.
A powerful set of financial firms have delayed federal investigations or punishments into their allegedly predatory lending practices, as they seize on an industry-led lawsuit challenging the future of the Consumer Financial Protection Bureau.
By Tony Romm, October 28 Washington Post
This info will give you a better look at the problems with payday loans.
It will also give you other options available.
In a nutshell, payday loan organizations prey on low-income families. That is because they tend to have fewer resources for cash. Often, these loans end up making their financial situation worse.
Please read this before you consider a payday loan.
Kansas Attorney General on Payday Loans
Explains what a payday lender can and cannot do under Kansas law. If you believe a payday lender has violated this statute, see the link to the Attorney General's Consumer Complaint form that can be filled out and submitted on the web.
Kansas Payday Loan Statute
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