APPLETON, Wis. — This city of 70,000 has five McDonald’s franchises, three Pizza Huts, four Starbucks shops — and 19 loan that is payday, brightly lighted storefronts with names like EZ Money and Check towards money that provide two-week loans without credit checks.
Peggy Truckey, 53, understands the attraction. Final 12 months she owed almost $1,300 to four of the shops, and ended up being spending about $600 30 days in finance costs alone. “I happened to be thinking I became planning to need to use an additional work simply to spend the interest off,” Ms. Truckey said.
Then she learned about an innovative new nonprofit program operated away from a Goodwill thrift shop, one of the hundred lower-cost pay day loan items that are increasingly being tried by credit unions all over nation.more