Nancy came to Catholic Charities for assistance in refinancing her $575 payday loan that she had taken out over a year ago to assist with her utility bills. The interest rate was 182.50%. Through our Kansas Loan Pool Project (KLPP), Nancy now has a refinanced interest rate of 6% and is making on time monthly payments in the amount of $50.40.
Nancy is on Social Security’s Supplemental Security Income (SSI) program and Social Security Disability Income (SSDI) program and receives $753/month. Since beginning in our KLPP program, she has paid all her bills on time, paid off the past due balance for her KCPL utility, and has $173 left over for this month alone. She is working with her Catholic Charities case manager on a goal of purchasing a car and going back to school. She is actively working on regaining her financial health. Nancy has attended two out of three classes for the fundamental financial series and assists the other members of the group with ideas on how to decrease spending to increase their income. She also plans to participate in our Family Financial Transformations program. In addition, Nancy wants to volunteer at Catholic Charities. She just turned in her volunteer packet to assist in any way she can!