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Nonprofit Lender Offers Alternatives To Predatory Loans In Illinois

Nonprofit Lender Offers Alternatives To Predatory Loans In Illinois

A nonprofit loan provider is expanding to Illinois to supply low-income families loans with additional reasonable terms to allow them to avoid predatory companies and subsequent debt.

Capital Good Fund provides unsecured loans ranging from $300 to $20,000, assisting families with diverse emergencies such as for example car repairs, security deposits and immigration expenses.

The lending company announced this month that it’s now offering loans in Illinois. Capital Good Fund also provides loans in Delaware, Florida, Massachusetts and Rhode Island.

On the previous decade, Capital Good Fund has made 4,500 loans for a complete nearly $10 million, saving borrowers $4 million in interest and costs, in accordance with the loan provider.

The lender’s objective would be to do 300 loans, totalling $1 million, in its year that is first in. Borrowers can finish an application that is online a loan in quarter-hour.

“The problem of predatory financing … is a rather endemic issue within the state of Illinois,” stated Andy Posner, creator and CEO associated with the Rhode lender that is island-based. (more…)