Consumer Loans
Safe, flexible, and affordable alternative to payday loans
A Lack of access to mainstream financial services constrains the ability to build wealth and generally live a financially secure life, according to an extensive body of research. Banking relationships are a means to establish savings, along with a payment and credit record. Savings and a solid credit score are "remarkably consequential in this economy," according to Eric Belsky, director of consumer and community affairs at the Federal Reserve Board of Governors. Some 12 million Americans a year take out payday loans, spending a combined $9 billion on loan fees, according to the Pew Charitable Trusts. The average annual interest rate on such loans is 391 percent.
CDFIs Operate Differently
CDFIs operate differently from most banks. Because they focus on a generally lower-income consumer base, community organizations, and small businesses that might struggle to secure more traditional financing, they produce different results from conventional banks. The financial crisis eroded public trust in financial institutions and trust is a must if we are ever to have a equitable and inclusive economy. The name says it all, PEOPLE TRUST. Relationships are built on TRUST, and TRUST is a person or thing in which confidence is placed.
Trusted financial institutions located within low and moderate income communities are essential to the economic mobility and sustainability these communities need to create jobs and a have a chance to better their lives and futures where they live. One of the ways People Trust fulfills its mission of providing access to capital is through our Consumer Loans to individuals.
Safe & Affordable
In Arkansas, the percentage of unbanked and underbanked households falls above the national averages, with 9.7 percent of households in Arkansas that are unbanked and 22.6 percent are underbanked according to www.bankon.org. In the state of Arkansas payday lending is prohibited due its predatory nature. At the time this legislation was passed in 2009, there were over 200 thousand Arkansans utilizing these types of financial products because of a lack of access to flexible, affordable capital.
Traditional financial institutions (Banks) have left many low income communities in Arkansas. The absence of banks has created credit deserts in low income communities, leaving them without equitable access to the US financial system.
People Trust is NOT a Payday Lender
Fortunately, there is a safe and affordable alternative. People Trust is a Community Development Financial Institution loan fund, Certified by the United States Department of Treasury CDFI Fund. Our Consumer Loans are safe, flexible, and affordable. People Trust is NOT a Payday Lender. A typical payday loan is a loan that has to be paid back by your next paycheck with interest rates as high as 1500%. People Trust interest rate on all loans is 10% with payback times up to 90 days and no less than 30 days.
People Trust is here to help low income individuals who feel they have been shut out and forgotten about but still need access to capital. It takes credit to get credit and People Trust wants to show creditors that you are credit worthy by reporting your good performance to the credit bureaus on a monthly basis. So if you find yourself with more bills than month or you are in a financial crisis.
When we say safe, we mean it! You don't have to worry about your information being shared or sold for bids or any other solicitation. We want to be the financial institution you turn to in your time of need. Trust is a must and you need a financial in your corner you can trust and that is none other than PEOPLE TRUST. Give us a call or email us TODAY!
10% Interest Rate
Affordable rates compared to payday lenders
90 Days - 60 Months
Flexible repayment terms
Safe & Secure
Your information is protected