About Kansas Loan Pool Project
Refinanced loans & financial coaching
The Kansas Loan Pool Project (KLPP) is designed to help eliminate high-interest title or payday loans by issuing participants a new, low-interest loan in addition to financial coaching. The goal of this program is to break the cycle of predatory lending that creates more hardships in an already difficult time.
The Issue of Predatory Loans
A vicious cycle
Payday or title loans can seem like a quick fix in a pinch, but it can end up costing borrowers so much more. Predatory lending traps borrowers in a spiral of high interest rates and endless payments, resulting in an inability to pay on the actual principle of the loan. There is no legal cap on interest rates with online predatory loans, so some borrowers can see rates as high as 799% APR (Annual Percentage Rate). KLPP was established to break this cycle to give hope to our participants.
FAST FACTS
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391%
Interest rates for predatory loans in Kansas can be up to 391%
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48%
48% of Kansans lack a rainy day fund
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Over 500 loans
Since the program began in 2015, KLPP has refinanced over 500 predatory loans
What Kansas Loan Pool Project Offers
Each participant is enrolled in a financial education series to help develop a long-term financial plan and budget. They are also assigned a Catholic Charities case manager specialist to provide ongoing monthly support. On average, participants are in the program for 12 months. Other offerings include:
- Loan refinancing with 7.5% interest
- Partnership with local banking institutions to help participants build credit as they pay
- Access to resources & referrals to other helpful programs at Catholic Charities
Eligibility and program requirements include:
- Total amount of payday or title loans must not exceed $1,500
- Must have stable, traceable income
- Budget must reflect the ability to make monthly loan payments
- Monthly case management for the duration of the loan
- Attendance of financial education courses is mandatory
- Dual-enrollment in Family Financial Transformations Program
Contact KLPP
For more information or to inquire about the application process, please contact: 913.433.2050
Additional Resources
Hope Stories and Blog Posts about KLPP & Our Financial Education Programs
Financial Education Helps Families Achieve Stability
With a reported 57 percent of all Americans struggling financially, how effective are financial literacy programs when it comes to achieving long-term financial security? A
A Catholic Charities of Northeast Kansas Hope Story
Grace came into the office feeling discouraged and overwhelmed by her finances. She was stuck in a job she did not enjoy, constantly stressed about
Highlights from the Past Year
Each year, Catholic Charities of Northeast Kansas serves tens of thousands of individuals and families in need, providing critical services that stabilize and strengthen. Watch
Contact Us
Use the form below to contact the Asset Development team.
Please submit other questions to our general Contact Catholic Charities page.
