Kansas City’s Elite Invest in Payday Loan Enterprises
With their extremely high interest rates and abusive fees, payday loans can send people with marginal credit further down the rabbit hole into debt. And while payday loan storefronts have been somewhat regulated, online loan businesses are flourishing and many have ties to the Kansas City area.
Payday Loan Lobbyists
According to the Kansas City Star, Johnson County and Kansas City addresses have frequently shown up as having contributed to a political action committee affiliated with the Online Lenders Alliance. The Alliance lobbies members of Congress on behalf of its members and opposes the Safe Lending Act, which would force online lenders to abide by state rules. The Alliance’s founder is from Leawood.
Debt From Payday Loans
Payday loan operations can be a source of quick cash for someone who truly needs a short-term loan. But often, loan recipients are immediately besieged with more loan offers and can easily get in over their heads. Because of the predatory nature of this lending, the payday loan industry has a bad reputation.
If you’ve had a problem with payday loans and are struggling to pay your bills, a Chapter 7 case might help you. Call us today at 816-842-6200 to speak with an attorney. Or you can email us and schedule your free consultation.
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