17
Nov
Nonprofit Payday Advances? Yes, to Mixed Reviews
APPLETON, Wis. — This city of 70,000 has five McDonald’s franchises, three Pizza Huts, four Starbucks stores — and 19 loan that is payday, brightly lighted storefronts with names like EZ Money and Check towards money that provide two-week loans without credit checks.
Peggy Truckey, 53, understands the attraction. Final she owed nearly $1,300 to four of those stores, and was paying about $600 a month in finance fees alone year. “I thought we had been likely to need to use a second task merely to spend from the interest,” Ms. Truckey stated.
Then she learned about an innovative new nonprofit program operated away from a Goodwill thrift shop, one of the hundred lower-cost pay day loan items that are now tried by credit unions round the nation.