Jan
Without a doubt about RedDough assumes on Payday Lending
St. Louis Community Credit Union measures up to greatly help income that is low.
The mixture of persistent poverty and state that is little has made St. Louis “a hotbed for fringe banking, check cashing and payday lenders” billing the average 450 % APR to borrowers whom can minimum manage it, states Patrick Adams, CEO of St. Louis Community Credit Union.
That produces the town a place that is great test out just just exactly just how better to counter predatory lending, and $260 million St. Louis Community CU has stepped as much as the task. During 2009, the CU established Prosperity Connection, a nonprofit economic training company, which often has partnered with community and faith-based teams and personal funders, moneykey loans fees including banking institutions looking to fulfill their Community Reinvestment Act demands, to create the RedDough Money Center.