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Fair Financing – Business Design Research of Payday Lending Alternatives

Fair Financing – Business Design Research of Payday Lending Alternatives

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Ask for Proposals (RFP)

Overview: Momentum seeks a talented consultant to research, design and suggest sustainable, scalable alternate payday financing products that work for individuals living on low incomes in Calgary. The main focus regarding the research is on using the services of conventional banking institutions. a consultant that is preferred have an understanding of and expertise in social finance.

Organization Background:

Momentum is A community that is charitable economic company in Calgary that lovers with individuals residing on low incomes to realize prosperity by providing development in economic literacy, abilities training, micro-lending and company development help. Our eyesight is: “Every individual might have a livelihood that is sustainable play a role in their community.”

Problem Background:

Numerous Albertans residing on lower-incomes aren’t able to get into safe and affordable short-term credit and find yourself making use of payday advances. Payday advances are a type of short-term credit that frequently leads to a period of financial obligation. Payday advances are.

Costly – interest levels of as much as 600per cent whenever annualized. Targeted to individuals residing on reduced incomes – Many clients make lower than $30K and make use of loans for regular costs. Accountable for producing financial obligation traps – the customer that is average 8 loans each year. Growing being used – over $576 M had been loaned down by payday loan providers in Alberta within the year that is previous.