The 252% APR payday lending “alternative” opens another store
June 22, 2008 | alternatives | Comments (0)Goodwill Industries, which partners with Prospera Bank to offer a pay lending “alternative,” is opening another store; this one in Green Bay, WI. The Payday Pundit wishes Goodwill well, but would like reporters to note that this highly praised “alternative” to payday lending operates at $9.90 per $100 loaned making it a 252 APR % loan. And as noted previously, they lose money at that rate. Unfortunately, this story doesn’t explain the costs of this service:
But what sets it apart from the other two locations are three services in addition to the retail store offered to benefit the community, all offered under the single unbrella of Goodwill.
These include GoodMoney, a not-for-profit payday lending collaboration with Prospera Credit Union, FISC, a credit counseling service and Harmony Café, a not-for-profit cafe.
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