| Grace Period | Typical Advance Lender |
| Non-Profit | For Profit |
| Flexible Term | Full Payment Expected Next Payday |
| 13 Days Free* | No Grace Period |
| You are a member | You're a customer |
| Low Cost/No Cost | High Cost |
How It Works
How is it possible that I can borrow for free?
Our motives are different:
Grace Period is a non-profit started by a church for the benefit of the community.
If you qualify, and a few hundred dollars before your next payday will help (13 days maximum), we are pleased at no cost to give you the lift. We ask only that you let others know that this resource exists so that they too might benefit.
Can it still be free if I cannot return it right away?:
YES. You can still borrow for free. The real cost of our loan is only time!
The big picture:
Imagine that you had a $500 emergency fund.
You had built this fund by saving a little bit each payday.
This money is available to you whenever you need it, but you do not need it all the time, only when emergencies or unexpected expenses happen.
Imagine that you learned that you could put this rainy day fund in a special place that paid you significant money every week that you added to your fund - but, if you ever needed the money right away you could have it and even borrow extra if necessary.
That sounds great right, but you don’t have $500, so what’s the connection? Well, you don’t have $500 today, but with a special place like that one just described, if you borrowed and immediately started saving for future emergencies you could actually save your way out of the cost of borrowing – creating a completely free loan.
Grace Period is a club that works a lot like that.
Grace Period links members that already have an emergency fund to members that don’t have one (yet). The goal is that eventually everyone builds an emergency fund and borrowers can earn back the cost of borrowing by repeating the cycle and helping someone else.
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