Micro loans in inner city neighborhoods

Monday, August 13, 2007

Pay day lenders represent a scourge on many inner city neighborhoods. They drain income and savings out of the neighborhood with staggering interest rates: 900%+ for a one-week loan; 450%+ for a two-week loan, 200%+ for a one-month loan. Here's a fact sheet from Consumers Union.

Corona is a neighborhood in the New York City borough of Queens. There, Accion New York and the Corona-Elmhurst Center for Economic Development are collaborating to provide microloans. Read more.

posted by Ed Morrison |

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