Brightpoint (previously Community Action of Northeast Indiana or CANI) announced that is has received nearly $1 million in funding from JPMorgan Chase & Co. to expand its consumer loan program today. Brightpoint received this honor as an element of a $5.1 million grant https://badcreditloanshelp.net/payday-loans-il/herrin/ 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 program that may offer an option to payday lending,вЂќ reported Brightpoint President/CEO Steve Hoffman. вЂњThanks into the funding that is generous JPMorgan Chase, Brightpoint should be able to help to keep more bucks into the pouches of families inside our community.вЂќ
In Indiana, payday lenders cost customers over $70 million in costs annually.
On a typical loan that is 14-day payday loan providers charge 365% APR. About 7% of low-income families in northeast Indiana use lenders that are payday. However it is maybe maybe not simply low-income households whom are making use of these services. based on the customer Financial Protection Bureau, the median earnings of payday borrowers is $22,476, but 25 % of all of the borrowers make $33,876 or even more.
вЂњThe challenges dealing with our communities need solutions tailored for their needs that are specificвЂќ said Jim Cook, division supervisor for ChaseвЂ™s Commercial Bank. (more…)