To combat this cycle that often traps borrowers in debt due to predatory lending processes, Goodwill Industries of Central Virginia (Richmond) has partnered with the Virginia Credit Union and St. James Episcopal Church for almost two years now to offer an alternative to payday lending coupled with financial education and coaching. The program provides borrowers with a short-term loan that has many of the features of a payday loan—essentially a pay or cash advance—but with important distinctions aimed at helping borrowers transition away from a dependency on these high-cost alternative loans.
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