The key phrase is “not for profit”
November 16, 2008 | Illinois, Springfield News Leader, alternatives, industry | Comments (0)As the Payday Pundit has pointed out before, most credit union or bank “alternatives” to payday loans are either not profitable or cost the same as a payday loan. This story highlights an effort in Illinois to open a “not for profit” payday loan store on busy interesection in Springfield:
IN GOD WE TRUST is preparing incorporation papers and scouting out sites along MacArthur Boulevard for a not-for-profit alternative to payday loans. Kevin Slot, owner of Tailored Printing Inc. of Springfield, has been working with The Ministerial Alliance of Springfield on the project.
He told members of the MacArthur Boulevard Business Association last week the group is looking for volunteer counselors for the storefront operation. The association has led the fight to limit the number of new payday loan outlets in Springfield.
It’ll be interesting to keep track of this, see what the fees are, see if they are heavily subsidized by either the government or a charity. If there’s a Payday Pundit reader in Springfield, please check this out for us. We’ll post your info here.
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