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Washington Monthly In contrast to high-cost payday loans – where the finance charges typically translate into annual interest rates of 400 percent or more – these new loan options are less costly for borrowers (while still profitable for lenders) and won’t trap households in a spiral of debt. Many of these options also promise to […]

Akron Beacon Journal Too many people who desperately need a loan are turned down because of poor credit history. TrueConnect can rebuild credit, because repayments through payroll deduction are reported to credit agencies, allowing borrowers to build a credit history that will help them later. The program has been offered for about six months in

Wells Fargo has named St. Paul-based Sunrise Banks as one of three recipients of its 2015 NEXT Awards for Opportunity Finance. The award recognizes community development financial institutions, or CDFIs, that develop innovative product offerings and services to help unbanked and underbanked consumers. (CDFIs are specialized entities that provide loans, investments, and services in underserved

Star Tribune Diverse allies arrayed against the Minnesota payday loan industry are getting a little traction. Sunrise Banks of St. Paul, which has developed a small-dollar loan program that already covers 10,000 employees through participating employers, last month won a $2.2 million Next Opportunity Award, which is funded in part by Wells Fargo. Sunrise CEO

Star Tribune What appeared a likely reform of controversial payday lenders at the Minnesota Legislature fell apart at the close of 2014 session. This year, it didn’t even get out of the starting blocks. This is a setback for a coalition of community and religious groups who demanded concessions and who produced hard-pressed customers who

Clark Howard | Money in your pocket Payday lenders offer consumers an easy way to bury themselves under mounds of debt. The typical payday lender allows you to walk into their establishment, turn over a personal check that’s postdated to your next pay date and walk out with cash — minus some high fees. Why

Akron Beacon Journal What: Neighborhood Housing Services of Greater Cleveland is helping employers set up programs that give workers access to emergency loans of up to $2,000 at no cost or risk to the employer. How: Employees of participating businesses apply for loans online. A 24 percent interest rate is applied. The loan is paid

Star Tribune St. Paul-based Sunrise Banks, which aims to make a buck doing good as it grows its consumer loan portfolio, plans to take on the payday lenders this year with a new product that it has tested on its own employees and several other pilot employers. “We’re strongly opposed to predatory lending and that’s