Being Non-Profit

Non-Profit Lending


Grace Period exists only because the cash till payday industry exists.  Grace Period, a non-profit organization, was started in response to the predatory cash lending crisis in our urban community.  We are not in it for the money, so we have no problem telling it to you straight…

Basically every other payday service lender (PDL) on every other web site is a profit seeking entity.  They love the fact that borrowers need their money and are not in the business of financially educating their clients.

Really, wouldn’t you like to be them… you lend $300 and less than two weeks later collect $350, $360 or even $375, and you get to do that over and over again.

These lenders use the “not your fault” marketing approach because they get rich selling it.  They tell borrowers “you’re the victim” so that they don’t make changes in their lifestyle.  Victims don’t problem solve.  This “bad things happen to good people” approach sells like hotcakes!

PDL’s don’t want borrowers (and there are a lot of them-it’s a $59 billion industry) to know that they really don’t need their loan services.  They don’t want their clients to know that they themselves hold the key to being their own financial solution.

This maybe offensive but it is also true: People with adequate emergency funds do not use or need payday loans!  Think about it, if we all became better savers demand for these loans would dry up and an entire abusive industry would become needless.

Here’s something lenders don’t want you to know:

Savers don’t just have emergency funds because they are “rich”; they are “rich” because they have emergency funds!

Savers have problems just like you, their cars break, their kids get sick also… but when these events happen it costs them less because they have a backup plan, a cash reserve.   A $350 car repair costs a saver $350.  A person forced to borrow that money from a PDL will pay almost $800 for that same car repair. (Disgustingly, these numbers are supported by research conducted by The Center for Responsible Lending.)

Here’s another fact.  Everyone needs an emergency fund and we are buying their lie if we don’t believe we make enough money to create one.  If you are thinking of getting an advance payday loan (assuming your intention is also to pay it back- if that’s not your intent, please leave our site immediately!) you make enough money to start an emergency fund right now.

How can we say this?  Well, lenders charge between $15 and $30 for every hundred dollars borrowed.  Getting a loan today will change a borrower’s spending habits next week, it has to.  Borrowers will make different choices the payday after getting the loan simply because they have less money to spend – a result of paying that huge service fee to the lender.  But who will benefit from these new found spending cuts, not the borrower!

Borrowers banding together are the real solution for the community,  and Grace Period has a system in place that has helped over 3,000 people.

We have members that were once ”in your shoes“ just a short time ago, but today they are now in a better place.  They did not have emergency funds when they started and like you needed other people’s money when the “unexpected” happened.  And like you, they did not believe they could create an emergency fund.

But because they stayed with the system they now have money- their own money- and when they don’t need it they are willing and able to lend it to you.  That’s right!  You see by definition an emergency fund exists for events that don’t happen every day, so these members have funds waiting for a “rainy day”.   Grace Period makes cash loans with these funds to people who need them- new members- so that they can get started creating their own emergency funds.

Why are existing members willing to loan others their cash?  It’s not just that they are great people, and they are, but it is also in their best interest.  Their loan becomes free as they earn back the cost of their borrowing by helping people like you.  Their loan (as will your loan in the future) becomes completely free when they have helped enough other people.

And the very best part – life costs them less!   A $300 emergency costs our members just $300.

So, let’s review:

You are, financially speaking, the sum total of the decisions you have made in the past (that may not be good news, but here is some good news) you will be the sum total of your future financial decisions.  You need a loan, but more importantly you need to start an emergency fund so that you will not need future loans.  The loan you get from Grace Period will cost you nothing when you build an emergency fund and help enough other people get started with their own funds. join our mission!

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The loans made from this site are without fee, interest or cost (0.00% APR) during the borrower’s "grace period" (loan date thru next pay date, not to exceed 13 days). Loans can be extended beyond this "grace period" at borrower’s option, see Renewal Policy.

Renewal Policy

Should it become necessary for a loan term to exceed the "grace period", we provide borrowers an automatic renewal and access to low cost credit union provided funding (18% APR).

Collection Practices

Failure to repay a loan from Grace Period will result in adverse action being taken against borrower by Grace Period, Inc. and/or a third party collection organization. Collection practices will be in accordance with the principles of any applicable federal regulations at all times.

Implications of non-payment

Additional fees may apply in the event of borrower’s failure or delay in repayment of this loan to the extent they are allowed by law. Grace Period or its assigns may attempt to contact borrowers via one or more authorized methods including phone calls, emails and text to arrange for payment.

Potential impact to credit score:

Timely repayment of a loan may improve borrower’s credit scores. Unlike many other lenders, Grace Period’s credit union partner reports both positively and negatively to the credit bureaus with respect to loan status. Late or missed loan payments can negatively affect your credit score.