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An Innovative New Hope? Payday Plus SF Has Loan Alternative
This report is a component of a set called fast money, Quicksand evaluating pay day loan financing within the Mission District.
In a challenge to your cash advance industry, bay area unveiled a unique micro-lending system with six regional credit unions today, supposed to provide an even more affordable substitute for fast money to low-income individuals.
Cash advance loan providers frequently need repayment in 2 months at mortgage loan that will total up to over 400 percent yearly, in accordance with the Center for Responsible Lending.
Payday Plus SF offers an alternative solution. The loans vary from $50 to $500, at a maximum apr of 18 %, and certainly will be repaid in one year.
This program ended up being revealed at a press conference attended by District 9 Supervisor David Campos, Mayor Gavin Newsom, City Treasurer Jose Cisneros and Congresswoman Jackie Speier today.
“As mayor I would like to dispose of those,” Newsom stated, discussing the lenders that are payday but acknowledging the necessity for fast money to satisfy unforeseen costs, “they need certainly to occur into the lack of an alternative solution.”
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