As part of KIFA's 2022 Faith & Public Policy Forums, we invite you to join us for a series of in-depth conversations with advocates and experts on the most pressing justice issues facing Kansans.

This forum on "Payday Loan Reform" will be held on Monday, Oct. 17th at 7pm via Zoom and Facebook Live. Please RSVP here and join the event virtually through Zoom or KIFA's Facebook page: @kansasinterfaithaction

This event is co-sponsored with the Kansans for Payday Loan Reform Coalition. Please find more information below.

We look forward to having you join us to put faith into action together!

MEDIA ADVISORY:

Community Members work to Address Predatory Lending: Stop the Debt Trap!

Topeka, KS - “Cash loans! Fast and easy! No credit checks! Title loans, no clear title needed! Line of credit! Cash same day!” These are some of the sign slogans you see plastered across the windows of your local payday loan shop. Whether the slogans are printed, or shining in neon, payday loans appear like a path out of a small financial crisis. However, the vast majority of borrowers get sucked into financial ruin.

Today, the average payday loan accumulates 391% interest in just 5 months. Borrowers cannot pay payments on these short-term loans. They must pay back the amount borrowed plus interest and fees in full. Because most borrowers cannot pay back the entire loan at once, they are trapped into a cycle of reloaning that continues to rack up interest and fees.

Many people across the state of Kansas are outraged by these excessively high interest rates. As a result, a coalition called Kansans for Payday Loan Reform joined together in 2019 to confront the predatory nature of payday loans. Made up of over two dozen organizations, Kansans for Payday Loan Reform, identified successful ways other states have reformed the payday loan industry. Now the coalition is hosting a series of events to demonstrate widespread support for reform. State officials are invited to address public concern.

The reforms Kansans for Payday Loan Reform proposes will help borrowers use payday loans as intended –a temporary bridge, and not an inescapable trap. Kansans for Payday Loan Reform is fighting for a moral economy against predatory lending practices. Enough is enough. Stop the debt trap! To learn more, you can visit the website https://kspaydayreform.wixsite.com/website.