LIFE IN THE FINANCIAL SHADOWS

Not everyone has access to opportunities to save and build credit. This makes it particularly hard for low-income communities to get ahead. These hardworking families can’t get car loans or own homes. They turn to payday lenders and cash cashing businesses. These fringe services trap people in a cycle of debt, holding them back from their dreams.

INVISIBLE

Many low-income consumers are invisible to banks and other financial institutions. They have little or no credit history and often don’t have bank accounts. As a result, these consumers struggle to get affordable bank loans and build savings for the future.

At least 45 million people don’t have a credit history.

16 million adults don’t have access to a bank account.

STUCK

Shut out by traditional banks, consumers turn to fringe financial services like check cashers and payday and auto-title lenders. High-interest rates and hidden fees trap consumers in a cycle of debt, making it even harder to make ends meet.

1 in 4 families uses alternative financial services like check cashers and payday lenders.

Nearly half of payday borrowers take out over 10 loans in a single year.

STRAPPED

Lacking access to traditional bank loans means having few opportunities to build credit. Fringe financial service providers take advantage of these consumers, charging outrageous interest rates and fees.

Payday loans can have annual interest rates from 154% to 677%.

Car-title borrowers typically end up paying back over 3 times the original loan amount.

WHAT WE’RE DOING ABOUT IT

With a little creativity and a unique approach, we can create a fair marketplace for all hardworking families. See how we’re making a difference.