Saturday, August 2, 2014

New Alternative to Payday Loans--Employer Sponsored Small Dollar Loan Program

A real problem for many people in a small financial jam--say, that need a new appliance or a car problem--is payday loans, which can put someone living on the financial edge right over, piling up fees and putting them in a cycle of debt.  Some people have an alternative, if you live in Toledo, New York City, Buffalo, NY, Denver, Houston, Kansas City or Burlington, VT.

A program called the Employer Sponsored Small Dollar Loan Program has started up in 14 credit unions across the United States, and the local employers who work with them.  It works like this: if you work for one of the cooperating employers, you can apply for a small loan of $300-$1500 at one of the credit unions.  The credit unions verify that you work there, you get the loan, and then your employers deduct the money from your pay in the future till it's paid off.  No giant fees, no cycle of debt.

If you live in one of these cities, and your employer is part of the program, you may be able to get help for small loans.  Hopefully, more programs like this can help take a cut out of payday loans.


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