GoodMoney a solution?
November 14, 2008 | alternatives | Comments (0)Another Wisconsin credit union is offering the GoodMoney payday loan. The article calls it a “solution” to payday lending. A solution? Really?
As a reminder to the reporter, the GoodMoney payday loan (offered by a non-profit, tax-exempt credit union), comes with a fee of almost $10 per $100 borrowed (i.e., 252% APR). For-profit payday lenders typically charge $15 per $100 borrowed while also paying taxes, employee salaries and health care, rent and overhead costs. The $5 more they need to break even, pay taxes, make a profit and keep their businesses running makes sense for borrowers, employees and the tax coffers.
Calling GoodMoney an alternative is fair. But a solution?
http://www.duluthnewstribune.com/event/article/id/78237/
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