Residents of low-income neighborhoods on the east side of Baltimore, now have an alternative to payday loans and cash advances to Super-Charge high interest rates to 26 percent.
As Eileen Ambrose wrote last week, and save Loan Program loans will allow residents of East Baltimore certain zip codes that have a source of income (for a job, unemployment, disability check, etc.) for loans between $ 300 to $ 1,000.
These debts, with an interest rate of 7.99 percent, payable in one year. The program is a pilot of the Alliance for Economic Inclusion of Baltimore, a partnership between banks and community groups.
However, borrowers will also ...
... participate in one-on-one counseling and financial education to learn how to save, budgeting and use of traditional banking institutions, according to a blog post of Neighborhood Housing Services Inc. of Baltimore, a member of the alliance .
In addition, the program will allow borrowers to start savings accounts. Each month the program will make a payment of $ 5 per month that will save money in the participant with conto
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