payday loans

Alternative helps people avoid payday loan rates

The RedDough Money Center provides people with a wide variety of options to pay less for banking services and have access to financial coaching and development services through the neighboring Excel Center so that they may continue to work toward attaining long-term financial goals.  Customer Service Rep, Deanna Allen showed president Michael O'Brien financial figures on recent loans they have made.

A recent customer of the nonprofit RedDough Money Center was in desperate need of a loan for a car repair — necessary for transportation to her job.

The repair bill was $465, and she received the money on the spot, paying it back over a six-month period. She'll pay $60 in interest over the time frame, a fraction of what she would have paid through a payday loan at a triple-digit interest rate.

Editorial | True banking options are needed for people of lesser means

The merits of payday loans — predatory lending as some would call it — has been debated for more than a decade as the storefront instant-lending sites have mushroomed.

The issue touches us because Catholic social teaching calls people of faith to care for the most vulnerable in society.

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