Payday Loan Charity Start Up
Organized by: Alison Kurek
Payday loans are a vicious cycle. What starts out as one payday loan to cover a bill quickly turns into many more payday loans to cover the fees of the other payday loans. Payday lenders and legal loan sharks. Almost every person who pulls out a payday loan is just trying to make sure bills are paid. Unfortunately, payday loans can quickly turn into bankruptcy and losing everything you had. How do I know? I dealt with payday loans for over a year. I took out multiple bank loans to try to take care of them as well as pulling personal loans from friends and family. I am still in fact dealing with the repercussions from pulling these out. Theorhetically, I could have bought a $10,000 car with what I spent on the finance fees alone. Many people that deal with payday loans will not come forward for help due to pride. I sucked up my pride and begged for help. I am committed to starting a charity to help these people out, as many will not be as lucky as me to be able to borrow large sums of money. It can cost as much as $2,000.00 to just start a non profit charity. Also, I am wanting to set up a simple website for people to ask for help as well as a P.O. Box for people to mail in requests and also a bank account trust specifically for this cause. If a person is granted money to get out of the payday loan cycle, they will be required to submit paperwork showing what they actually owe and will be asked to work with me to set up a realistic budget to be able to stay away from payday loans. I will not be able to guarantee any one person is granted the full amount of what they owe. That will be based on the budget I can set up with them. As you can imagine, the amount to just start this up into something real can be daunting.