Brightpoint (previously Community Action of Northeast Indiana or CANI) announced today this is certainly has gotten nearly $1 million in money from JPMorgan Chase & Co. to enhance its customer loan system. Brightpoint received this prize included in a $5.1 million grant to your grouped Community Loan Center Coalition of Texas and Indiana.
вЂњThe reason for this grant would be to spend money on an employer-based, small-dollar loan system that may offer a substitute for payday lending,вЂќ reported Brightpoint President/CEO Steve Hoffman. вЂњThanks to your funding that is generous JPMorgan Chase, Brightpoint should be able to help keep more dollars within the pouches of families inside our community.вЂќ
In Indiana, payday lenders cost customers over $70 million in charges yearly.
On the average loan that is 14-day payday loan providers charge 365% APR. About 7% of low-income families in northeast Indiana use payday lenders regularly. However it is maybe maybe perhaps not simply low-income households whom are making use of these solutions. based on the customer Financial Protection Bureau, the income that is median of borrowers is $22,476, but one fourth of all of the borrowers make $33,876 or even more.
вЂњThe challenges dealing with our communities need solutions tailored to their certain needs,вЂќ said Jim Cook, unit manager for ChaseвЂ™s Commercial Bank. „Brightpoint Receives Funding From JPMorgan Chase & Co. To Grow Consumer Loan Program“ weiterlesen