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 ‘payday loans’
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 [...]
