From Mission Mission, the website so nice they named it twice, comes word of the new PayDayPlus SF program. The upshot: If you ever need money before your paycheck comes, you can get an emergency loan from a San Francisco credit union instead of a regular payday loan place:
“Sold to consumers as short-term relief during a cash crunch, pay day loans carry interest rates of over 400 percent and catch working people with a steady source of income in a long-term debt trap. On December 17th at 11:30am, San Francisco City leaders, in partnership with local credit unions, will help relieve this burden on hardworking San Franciscans by launching PayDayPlus SF, a low cost emergency loan available to City residents at 13 locations.”
Does the Money Mart at 7th and Market actually charge more than 400% interest when it gives you a payday loan? No se, but I’m betting you’ll get much better terms from PDP SF.
A lively late-night scene in Mid Market.
Mark your calendars for Thursday, December 17th, 2009 – that’s the day we’ll get all the deets on PayDayPlus San Francisco.
Springing the Debt Trap — for San Franciscans and Californians
On December 17th at 11:30am, San Francisco City leaders, in partnership with local credit unions, will help relieve this burden on hardworking San Franciscans by launching PayDayPlus SF, a low cost emergency loan available to City residents at 13 locations. and Mayor Gavin Newsom, stay to participate in a community conversation about PayDayPlus SF and learn how you can spread the word to San Franciscans about this new low cost loan to help weather tough economic times. You will also learn more about the problems caused by conventional pay day loans and how your organization can help push for proposed financial empowerment solutions that are moving forward in Washington, DC and Sacramento.
A community conversation following a joint press conference with City Treasurer José Cisneros
City Treasurer of San Francisco
California Office Director, Center for Responsible Lending
Mission Economic Development Association
Legislative Director, California Asset Building Program, New America Foundation
President and CEO, San Francisco Federal Credit Union
Fellow, California Asset Building Program, New America Foundation