Is it really FREE?

How is it possible to borrow for nothing?

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 you 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! Our system allows all costs associated with borrowing to be completely returned.

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. If you had such a fund, you’d never need a payday loan again- you wouldn’t need other people’s expensive money when emergencies happen.

Imagine that you learned that you could put this rainy day fund in a special place that paid you a significant return every week that you added to your fund – but, if you ever needed the money right away you could have it, and even more wonderfully borrow more than you have if necessary.

That sounds great right, but you don’t have $500, so how’s that help? Well, you don’t have $500 today, but with a system 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, and thousands are doing it right now. 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 earn back the cost of borrowing by repeating the cycle and helping someone else.

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