But 58% of Americans don’t have $1,000 in their bank account to cover these life events.
In Missouri, the annual percentage rate is 452% on payday loans.
An average payday loan borrower is indebted 5 months out the year – this equates to paying $958.39 in fees to borrow $500 for 5 months.
At the Community Loan Center, we give borrowers 12 months to repay their loan with a maximum APR of 21.8% (based on $1000 loan, 18%, with monthly payments and $20 administrative fee)
Small Dollar Loans
- $1,000 Loans available
- 21.8% maximum APR
- No credit history needed
- No collateral needed
- 12 month repayment, with no prepayment penalties
- Affordable monthly payments through convenient payroll deduction
- Loans can be used for any purpose
- Free financial education and counseling