Welcome TO JOIN THE MOVEMENT
The really sad thing about the payday loan industry is not that its APR’s often exceed 400%
... its not that the average borrower rolls their loan 7 times before paying it off… its not even that the typical payback exceeds twice the amount borrowed
… the really sad thing about an industry making $350 loans to the typical borrower, is that even in light of these statistics study after study, focus group after focus group has revealed the same thing—95% of payday loan customers report being “satisfied” with their lending experience.
Is this really the best we can offer our neighbors? Is justice being served when the unprepared spend $800 repaying the loan that covered the $350 car repair, only because to them, saving for a rainy day is seemingly impossible?
Should an industry that targets the undereducated and economically vulnerable remain unchecked by a church that can easily leverage its assets to offer something many times better?
Tony and I started Grace Period in hopes of offering a real alternative to those in Pittsburgh needing small loans. We intentionally created a model which could be easily replicated across the United States, anywhere the problem exists-(which is just about everywhere!).
We would love to talk with you more about your ministry making its dent in the $59 billion giant.