COLUMBIA – Five Columbia banks have signed up with together to launch a fund to provide no-interest loans to those attempting to repay high-interest payday loans.First State Neighborhood Bank, Callaway Bank, Central Bank, Landmark Bank, Providence Bank each promised $2,000 to start the fund. This promise resulted in additional funds amounting to $10,000 from Greg Deline of Overall Financing Concepts and two local doctors.
State Community Bank President Joe Miller was influenced by the work of local non-profit Love INC that provides cash management coaching for financially-strapped individuals.
Connie Jenkins is a Love INC customer who came down with payday advance loan.
“If you can do without it, do it since you’re going to hurt yourself in the end,” she said.Within a week, Jenkins learned that she had breast cancer, Type II Diabetes and an irreparable cars and truck.”It’s hard attempting to get help and everyone closes the door in your face, so the only individuals that would me was payday loans, “Jenkins said.In Missouri, over one million payday advance with an average interest rate of 462 percent were made during the 1 year duration from October 2015 through September 2016. Love INC Additional Mile Organizer Kelli Van Doren said the objective is to see individuals filled with happiness and peace.”It’s devastating due to the fact that the individuals that are available in here are working complete time and they’re striving, but they simply can’t fulfill their expenditures,”she said. Sweet Richerson of First State Neighborhood Bank ended up being Jenkin’s coach in the Extra Mile loan management program.
She saw that Connie was doing whatever she could to enhance her financial situation but might not decrease her payday loan debt.Richerson approached Miller, who funded a no-interest loan through Love INC that made it possible for Jenkins to get out of the vicious payday advance cycle. The loan so helped Jenkins that Miller and Richerson wished to make it possible for others to have the very same relief.”Don’t be too happy to get assistance because that may be simply exactly what you require is somebody to show you something you didn’t understand. We do not know everything,”Jenkins said.Extra Mile loans are now readily available through
Love INC to individuals who are taking part in their 16-week intensive, cash management