FSBDC at Florida A&M University helps develop cash advance alternative

FSBDC at Florida A&M University helps develop cash advance alternative

Many Floridians without usage of other types of credit depend on payday advances – little amounts that must definitely be repaid over quick durations – 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 “payday alternative” loans of up to $500 to those relying on traditional payday loans over the summer. »