Mon November 4, 2013
Woonsocket Non-Profit To Offer Pay-Day Loan Alternative
In Woonsocket Monday, a dedication ceremony will be held for a non-profit that helps people avoid the pitfalls of payday lenders. It's known as the “Capital Good Fund.”
Capital Good Fund is a brick and mortar store that offers people an alternative to high priced payday lenders. Funded by a 57-thousand dollar grant from the United Way, it expects to help 600 people a year, according to founder and director Andy Posner.
"People are charged 260 percent APR by the payday lenders. In contrast, we’ll be charging 30 percent plug a four percent closing fee. So that can come to hundreds of dollars in savings and interest over the course of a year,"said Posner.
Clients will also be counseled in financial management strategies aimed at weaning themselves from payday loans.
Do you have insight or expertise on this topic? Please email us, we'd like to hear from you. email@example.com