Catholic charity offers “microloans” to help borrowers avoid payday lending

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As some Ohioians get caught in the payday loan cycle with interest rates as high as 500 percent, a local Catholic organization offers a unique and low interest way to borrow money.The Society of St. Vincent DePaul began their microloan program in Licking County in 2016.“There is a big need for people who are working poor or underfunded,” Jim Jackson, Program Director of the microloan program in Licking County said.According to Jackson, borrowers are able to receive up to $500 to use toward four specific reasons.The loans are limited to car repairs, educational expenses, health expenses, or...

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