A Lack of access to mainstream financial services constrains the ability to build wealth and generally live a financially secure life, according to an extensive body of research. Banking relationships are a means to establish savings, along with a payment and credit record. Savings and a solid credit score are “remarkably consequential in this economy,” according to Eric Belsky, director of consumer and community affairs at the Federal Reserve Board of Governors. Some 12 million Americans a year take out payday loans, spending a combined $9 billion on loan fees, according to the Pew Charitable Trusts. The average annual interest rate on such loans is 391 percent.....
CDFIs operate differently from most banks. Because they focus on a generally lower-income consumer base, community organizations, and small businesses that might struggle to secure more traditional financing, they produce different results from conventional banks. The financial crisis eroded public trust in financial institutions and trust is a must if we are ever to have a equitable and inclusive economy. The name says it all, PEOPLE TRUST. Relationships are built on TRUST, and TRUST is a person or thing in which confidence is placed. Trusted financial institutions located within low and moderate income communities are essential to the economic mobility and sustainability these communities need to create jobs and a have a chance to better their lives and futures where they live. One of the ways People Trust fulfills its mission of providing access to capital is through our Consumer Loans to individuals.
CDFIs operate differently from most banks. Because they focus on a generally lower-income consumer base, community organizations, and small businesses that might struggle to secure more traditional financing, they produce different results from conventional banks. The financial crisis eroded public trust in financial institutions and trust is a must if we are ever to have a equitable and inclusive economy. The name says it all, PEOPLE TRUST. Relationships are built on TRUST, and TRUST is a person or thing in which confidence is placed. Trusted financial institutions located within low and moderate income communities are essential to the economic mobility and sustainability these communities need to create jobs and a have a chance to better their lives and futures where they live. One of the ways People Trust fulfills its mission of providing access to capital is through our Consumer Loans to individuals.