Imagine a Future without Predatory Lending
Tennesseans pay as high as 460% APR on predatory consumer loans.
Our mission is to provide equitable financial services and programming as a pathway out of dependence on predatory loans —
but what does that mean?
That means that we have three primary goals:
Create ways for borrowers stuck in super-high-interest predatory loan debt traps to escape those traps
Create alternative forms of consumer credit that are fairly priced, fully amortized, and reported to credit bureaus — i.e. payments that borrowers can afford, payments that actually pay down the loan, and payments that help build credit
Create supplementary financial fitness programming and tools that help set people up for future financial success
We want our clients to outgrow us and be prepared to access cheaper, conventional finance.
We aim to demonstrate a model that is replicable anywhere where payday, title, and flex lenders are.
Help us combat predatory lending one day at a time.
How do we do it?
As a nonprofit…
BetterFi is a 501(c)(3), so we have no shareholders. All earned revenue goes toward trying to make our model more economically sustainable, and supporters like you help us extend our runway as we grow toward a sustainable size.
As a CDFI…
BetterFi is a U.S. Department of Treasury-certified Appalachian Community Development Financial Institution (CDFI), which validates our work and commitment toward expanding financial access to underserved communities and populations, and helps us access affordable lending capital.
By prioritizing clients…
Our primary service is affordable credit designed to help individuals get out of a predatory debt trap, but we also offer credit for unexpected expenses and now offer Savings + Credit Builder loans that can help people build toward a savings goal and build their credit before they need financing. To date we have disbursed more than $1.27 million which equates to well over $3 million in savings for our clients when compared with what they would pay on typical flex, title, or payday loans.
By structuring our credit to prioritize affordable and successful repayment, BetterFi works with our clients to meet their emergency liquidity needs, strengthen their financial fitness, improve their credit scores, and increase their future ability to utilize conventional financial services.
We also offer supplementary financial programing like coaching and free income tax filing, and we hope to unveil soon a web tool that will allow individuals to evaluate their cashflow and derive insights on things like spending.
More information is available by checking out our News page or subscribing to our newsletter.
…and with help:
