We are working to END PREDATORY LENDING.
BetterFi is a non-profit 501(c)(3) economic justice enterprise providing equitable financial services and coaching as a pathway out of predatory loans.
By structuring our loans to prioritize affordable and successful repayment rather than our own profit maximization, BetterFi works with its borrowers to meet their emergency liquidity needs, strengthen their financial fitness, improve their credit scores, and increase their ability to utilize conventional financial services. To date we have disbursed over $94,000, which equates to over $157,000 in savings for our clients when compared to typical Tennessee car title loan borrowers.
Our pilot in Coalmont, TN is going now.
25% of each sweatshirt
39% of each tee
25% of each sweatshirt and 39% of each tee go toward supporting BetterFi's development of a sustainable alternative to predatory loans. The campaign prints shirts every month.
The South Cumberland Plateau is home to 6,855 underbanked households.
That means that 6,855 households rely on alternative financial services such as payday or car title loans -- loans that in Tennessee can have an effective annualized percentage rate of 264%. "Underbanked" does not include unbanked families, who do not have an active bank account.
With the assistance of the University of the South, the South Cumberland Community Fund, and Tower Community Bank (among others), BetterFi's pilot has started in Coalmont, TN.