In Wednesday’s column, I wrote about developing a better product to meet the local demand for payday loans.
Those short-term, high-interest loans are widely used in Iowa, but they can send cash strapped families into a financial tailspin.
In Des Moines, Citizens for Community Improvement and Bankers Trust partnered this spring to offer small dollar loans to low- and mid-income [...]
Posts Tagged ‘Citizens for Community Improvement’
Local help on the payday loan front
Posted in Uncategorized, tagged Citizens for Community Improvement, debt, Horizons, payday loans, Scott Shook on June 25, 2009 | Comments Off
6/24 column: Payday loan alternative needed here
Posted in Gazette Columns, tagged Bankers Trust, Citizens for Community Improvement, debt, payday loans on June 24, 2009 | Comments Off
Payday lenders promise a quick fix for a cash emergency.
But those short-term, high-interest loans are the rope that hangs many already-strapped households with unmanageable debt.
In 2007, Iowans took out more than 900,000 in payday loans. Almost half the borrowers took out these “emergency” loans at least a dozen times.
Industry advocates say the loans’ popularity is [...]
