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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.
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