KC man shares payday loan horror story


ELI ROSENBERG IS LIVE DOWNTOWN TO EXPLAIN. ELI: ELI: — ELI ONE PERSON PUSHING FOR CHANGE IN THE INDUSTRY SAYS THERE ARE MORE PAYDAY LOAN BUSINESSES IN MISSOURI THAN STARBUCKS, WALMARTS, AND MCDONALDS COMBINED. TONIGHT, ONE MAN’S STORY, SURE TO DRAW THE INTEREST OF THIS FEDERAL AGENCY WHEN THEY HOLD THAT HEARING HERE NEXT MONTH.>>THEY ARE THE ONES THAT KEEP ME GOING. ELI: FOR ELLIOT CLARK ->>I DO WHAT I DO FOR THEM. ELI: FAMILY IS EVERYTHING, BUT ON THIS WALL, THERE ARE NO PICTURES FOR WHAT HE CONSIDERS THE HARDEST TIME OF HIS LIFE.>>NO MATTER WHAT I DID, I WAS STRUGGLING. ELI: THE FAMILY’S TROUBLES DATE BACK TO 2003. CLARK’S WIFE WAS INJURED AND COULDN’T WORK, AND CLARK’S JOB AS A SECURITY GUARD COULDN’T PAY THE BILLS. THEY TRIED TRADITIONAL BANKS, BUT COULDN’T GET A LOAN.>>A LOT OF SLEEPLESS NIGHTS?>>A WHOLE LOT OF SLEEPLESS NIGHTS. ELI: FINALLY, FEELING HELPLESS, — FEELING LIKE HE HAD NO OTHER OPTIONS CLARK WALKED INTO A , PAYDAY LOAN BUSINESS.>>THERE WAS NO OTHER CHOICE I HAD. ELI: CLARK TOOK OUT FIVE PAYDAY LOANS IN ALL, TOTALING $2500. OVER THE NEXT FIVE YEARS, HE SAYS HE PAID $61,000 IN INTEREST.>>WE CAN HAVE SMALL DOLLAR LENDING, BUT WE NEED TO HAVE SMALL DOLLAR LENDING THAT IS FAIR AND JUST AND MORAL, AND –>>WHEN I FIRST STARTED TELLING MY STORY, I COULD NOT DO IT WITHOUT CRYING BECAUSE I WAS LETTING PEOPLE KNOW HOW VULNERABLE I HAVE BECOME. ELI: THE FEDERAL HEARING IS SET FOR JUNE 2 AT 10:00 A.M. AT THE MUSICAL HALL ON WEST 13TH STREET. EXPERTS SAY ITS ONE STEP IN THE PROCESS THAT COULD LEAD TO CHANGE IN THE PAYDAY LOAN

2 comments on “KC man shares payday loan horror story”

  1. Jaye Duos says:

    and where are all those talking about the predatory lending practices of BIG banking? What? No One? Take responsibility for your own actions…you sign papers without reading its all you! Own it!

  2. Chris Baker says:

    Where did he get the money to pay $61,000 in interest? If he would have saved the money first he wouldnt of had this problem.

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