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common cents financial initiative is launched
MACED has developed a new loan product and financial initiative for regional businesses to provide their employees an alternative to high cost payday loan services. The Save It! Loan is a ten-month term loan aimed at reducing dependency on payday loans. The Common Cents Financial Initiative will offer financial literacy education and one-on-one financial counseling, as well as the Save It! Loan.
Our goal is to help customers break out of the cycle of debt by offering a product that allows them to access cash at lower cost, establish a savings account, develop a stronger personal financial plan and connect them to other financial services.
Low and moderate income people in rural communities have few affordable options to meet their emergency cash needs. Approximately 650 payday lenders in Kentucky are presently preying on those who are overextended on personal credit and have negative cash flow to make everyday purchases and pay existing debt. Check-based loans charge triple-digit interest rates, typically 390% to 780% effective annual interest rates.
Check back soon for more information on the Common Cents Financial Initiative and the Save It! Loan.
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