Creating Assets, Savings & Hope
Posted November 28, 2017
Paying Off a Payday Loan Often called payday loans or cash advance loans, these short-term, high-fee loans can turn a temporary setback into a major financial crisis. Here are a few tips to help you pay off your payday loan: Understand what you’re up against. If you signed a contract for a payday loan, you… Read more
Posted November 13, 2017
Written by Jody Harris, who is the Associate Director for the Maine Center for Economic Policy and serves as the policy lead on working poor families. Jody holds a master’s degree in public administration from the University of Maine and has served as town manager for two Maine towns. Learn more at mecep.org Just yesterday,… Read more
Posted September 6, 2016
According to the Maine Center for Economic Policy “Payday loans notoriously carry high APRs (annual percentage rate). In Maine, the rates are as high as 217%! Strategically located in low-income neighborhoods or on the internet, payday lenders intentionally trap borrowers in debt that they cannot escape. The average payday borrower is trapped by ten transactions… Read more
CA$H Maine is a statewide collaboration of ten coalitions, comprised of 50 non- and for-profit partners, working together to help empower Maine individuals and families to achieve long-term financial stability.