Helping Hands Payday Loan Program
A payday loan is usually a short-term, high interest loan, generally for $500 or less, that is typically due on your next payday. Annual percentage rates on a payday loan often equate to almost 400%, trapping people in cycle of debt that is almost inescapable. Helping Hands helps individuals get out of that crippling cycle by partnering with Commonwealth Credit Union to convert the payday loan to a conventional loan.
How does it work?
Anyone with a payday loan and reliable income can schedule a meeting with us. At the meeting, we will review the loan and income documentation. If everything is in order, Commonwealth Credit Union will issue a cashier’s check to pay off the payday loan and then open a conventional loan at CCU with 3% interest.
How do I schedule an appointment?
Call the church office at 502-863-1537.