The Kansas City nonprofit Communities Creating Opportunity (CCO) has launched a brand new payday-loan reform campaign to coach the general public about the hazards of pay day loans and rally support for legislative reform.
On phase during the Gem Theater in Kansas CityвЂ™s historic 18th and Vine region morning, KCMO Mayor Sly James and CCO officials warned of the вЂњdebt trapвЂќ posed by payday loan businesses thursday.
вЂњI am furious,вЂќ said Rev. Lloyd areas as he exposed the big event.
Lloyd is just a pastor during the better Gilgal Baptist Church in KCMO and a COO frontrunner. вЂњi did sonвЂ™t would you like to come this early early early morning because i will be annoyed, plus it shows. I will be upset he said because we have allowed predatory lending in Missouri to come to a point where peopleвЂ™s lives are being destroyed.
Predatory financing refers to your high interest levels that pay day loan companies charge while mainly marketing to lower-income households. (more…)