Without a doubt about FSBDC at Florida A&M University helps develop loan alternative that is payday

Without a doubt about FSBDC at Florida A&M University helps develop loan alternative that is payday

Numerous Floridians without use of other types of credit count on payday advances – little amounts that needs to be paid back over brief durations – to pay for necessities between paychecks. However with normal yearly rates of interest on such loans frequently within the triple digits, that help will come at a price that is hefty.

Payday financing alternative

Keith Bowers, local manager when it comes to Florida SBDC at Florida A&M University

The Florida SBDC at Florida A&M University in Tallahassee worked with Mainstreet Financial, a partnership of financial literacy organizations Mind Over Money, Wealth Watchers and RAISE Florida, to draft a plan to offer “payday alternative” loans of up to $500 to those relying on traditional payday loans over the summer. Leer más