By Lindsay Frankel
In 2013, a team of churches in Shreveport arrived together to fight a challenge impacting residents regarding the Highland community: economically hopeless individuals were switching to payday advances, which may have high interest levels that just exacerbate hardship that is financial. The outcome had been program called Hand Up.
вЂњOne of our church users ended up being observing what number of cash advance places had been right right here within the neighborhood,вЂќ stated John Henson, Pastor at Church for the Highlands. вЂњJust searching within a mile radius with this building there have been 12 organizations which he counted.вЂќ
Highland Center Ministries, a coalition of 14 churches, caused Pelican State Credit Union to issue the loans to individuals in need of assistance. As well as the loans supplied are a definite much safer, more affordable option to payday advances. People usually takes down loans with fixed interest rates under 10 % and employ an ATM with reasonably fees that are low. Within the system, borrowers work with credit also counselors to prepare a plan for payment.
Because the Hand Up loan program ended up being founded, it offers assisted a lot more than 80 individuals in accessing $130,000 in low-interest credit. One of many borrowers had been Clydel Hall, a veteran that is homeless could not get to focus without transport. After taking right out a $2,500 loan through the Hand Up system, Hall surely could find monetary security. He now receives income that is steady two jobs and owns a house and two automobiles.