Article by Paul Shipp of Kansas Legal Services, May 2016. 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.
In certain cases, the federal government will cancel all or part of a school loan. This practice is called Loan Forgiveness. Here are some programs out there and how to learn more about them. A. Perform volunteer work These volunteer groups offer loan forgiveness:
In recent years, the majority of mainstream lenders have left the small loan market, leaving a vacuum being filled by companies offering payday loans. These are extremely high interest loans that extend until the borrower's next pay check. This webpage discusses the ways in which payday loans, car title loans, overdraft loans and refund anticipation loans negatively affect low income families who are least able to get other types of credit. Payday Loans
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