Fair Financing – Business Structure Research of Payday Lending Alternatives

December 21, 2020 No comments yet

Fair Financing – Business Structure Research of Payday Lending Alternatives

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Ask for Proposals (RFP)

Overview: Momentum seeks a talented consultant to research, design and suggest sustainable, scalable alternate payday financing products that work for individuals residing on low incomes in Calgary. The main focus regarding the research is on dealing with conventional finance institutions. a favored consultant will have an understanding of and expertise in social finance.

Organization Background:

Momentum is A community that is charitable economic organization in Calgary that lovers with individuals residing on low incomes to accomplish success by providing development in economic literacy, abilities training, micro-lending and company development help. Our eyesight is: “Every individual might have a livelihood that is sustainable donate to their community.”

Problem Background:

Numerous Albertans residing on lower-incomes are not able to get into safe and affordable short-term credit and wind up utilizing pay day loans. Pay day loans are a kind of short-term credit that usually leads to a period of financial obligation. Payday advances are.

Expensive – rates of interest all the way to 600per cent whenever annualized. Aiimed at individuals residing on reduced incomes – Many clients make not as much as $30K and make use of loans for regular costs. Accountable for producing debt traps – the customer that is average 8 loans each year. Growing being used – over $576 M ended up being loaned out by payday loan providers in Alberta into the previous 12 months. Nationally $2M individuals access a pay loan annually day. Concentrated in lower-income neighbourhoods – Example: over 25 fringe outlets that are financial found in the Calgary neighbourhood of Greater Forest Lawn

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