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Elaine’s Hope Story: Breaking the Debt Cycle

payday loans, KLPP
Elaine needed help with her payday loans

Elaine is 74 years old and lives independently in a small, one bedroom apartment. She receives social security and a small monthly pension totaling $1,278. She was struggling with her bills.

Elaine came to one of our Emergency Assistance Centers (EAC) for help with an electric bill. During her meeting she shared that she had payday loans totaling $1,725. She had these payday loans for years and, unfortunately, her low income just would not cover the loans to be paid off while still trying to take care of her daily living expenses and housing. Because of the high rate, Elaine was paying $275/month just in interest on all of her payday loans. Elaine shared that she had not told her grown children because she was ashamed to let them know she had gotten into this situation in the first place.

Catholic Charities was able to assist Elaine through our Kansas Loan Pool Project (KLPP). By converting her high-interest payday loan into a new, low-interest fixed loan, Elaine now has a manageable payment with an actual payoff date. Elaine participates in monthly financial coaching through the KLPP program. Her bills are now up to date and she has set some realistic financial goals. Elaine has newfound hope through the help of Catholic Charities and our KLPP program.

“It’s a relief to know that I now have enough money to pay my bills AND go to the grocery store.” Elaine shared.

Learn more about our Kansas Loan Pool Project.

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