BENEFITING: JUBILEE INITIATIVE FOR FINANCIAL INCLUSION INC
JUBILEE INITIATIVE FOR FINANCIAL INCLUSION INC wrote -
The Problem: With payday lending, borrowers are lent small amounts of money at very high interest rates – up to 391% APR – to be paid back on the borrower’s next payday. The high interest rates and the short-term nature of the loan causes many borrowers to pay, on average, about $520 in fees on outstanding loans, and provokes a cycle of debt
The Solution: JIFFI seeks to counteract payday lending by offering our borrowers manageable amounts over longer periods of time with rates capped at 21% APR. We give our clients the principal that best suits both their personal needs and financial ability to repay the loan in full. We also offer our Financial Empowerment Program designed to increase their knowledge of important personal finance tools.
How You Can Help: Please consider helping us reach our goal by donating to this campaign. With your help, we can expand our client base and work to mitigate the impact of predatory lending organizations in South Bend, Indiana. On behalf of everyone at JIFFI, thank you for your consideration and support.