The Challenge: Financial Marginalization
We daily witness low-wage workers struggling to get by but caught in a vicious cycle of burdensome debt, poor credit, and the high costs of averting constant cash flow crises.
Our typical participant has:
- An average income of $18,000
- Less than a high school education
- No banking relationship
As low-income workers in America, they turn to check cashers, predatory lenders, and high-interest credit cards for their financial needs.
As a result, our clients:
- Spend more than $40,000 in their lifetime to turn their salary into cash by visiting check cashers instead of banks
- Carry average debt of $14,000
- Have subprime credit scores averaging 590