Many Floridians without usage of other types of credit depend on payday advances вЂ“ little amounts that must definitely be repaid over quick durations вЂ“ to pay for necessities between paychecks. https://getbadcreditloan.com/payday-loans-pa/chalfont/ However with normal yearly rates of interest on such loans frequently within the triple digits, that help may come at a price that is hefty.
Payday financing alternative
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 вЂњpayday alternativeвЂќ loans of up to $500 to those relying on traditional payday loans over the summer. »