In Wednesday’s column, I wrote about developing a better product to meet the local demand for payday loans.
Those short-term, high-interest loans are widely used in Iowa, but they can send cash strapped families into a financial tailspin.
In Des Moines, Citizens for Community Improvement and Bankers Trust partnered this spring to offer small dollar loans to low- and mid-income borrowers with less than stellar credit. I wondered if someone would be willing to do the same here.
Well, first thing this morning I got an e-mail from Scott Shook, Director of Horizons Consumer Credit Counseling Service.
He said that agency is willing to take an active role on this issue and he’s talking with staff this week about what that will look like.
The service already offers budget counseling and financial literacy programs in Iowa City/Coralville and in Cedar Rapids, and has been helping families in need for 26 years.
Stay tuned — I’ll publish more details as those plans develop.
