Payday Rescue
The DCFCU Payday Rescue program will be able to provide relief to the debt burden placed on our community from the high interest charged for payday loans. A payday loan is a type of short-term borrowing where a lender will extend high-interest credit based on your income. Its principal is typically a portion of the borrower’s next paycheck. Payday loans charge high-interest rates for short-term immediate credit. They are also called cash advance loans or check advance loans. The average rate on a payday loan in the state of Florida is 404%.
The Payday Rescue program will help residents of Miami-Dade County refinance their high-interest payday loan debt to a lower rate while providing them with financial literacy education, so they don’t have to go back to a payday lender if an emergency pops up. If you have any questions, please contact email pdr@dcfcu.org.
*Source: https://www.cnbc.com/2021/02/16/map-shows-typical-payday-loan-rate-in-each-state.html