About This Program
The Mini Loan Program (MLP) assists those who have become financially trapped by the exorbitant lending rates of payday and auto title loans whose interest rates can be as high as 500% APR. The Society of St. Vincent de Paul, working with a local Texas banking partner, has established a new low-interest loan conversion program.
The high interest loan is replaced by a low interest loan providing financial relief to the person or family in need. Combined with a savings account and financial management education this program provides hope and a path to self-sufficiency. The MLP, which launched in January of 2015, speaks to the vision of the Society of St. Vincent de Paul to end the cycle of poverty through systemic change. These low interest loans are possible because the Society cosigns on each loan. We are seeking donations to raise enough collateral to be able to convert 70 to 80 loans per year. The current loans have averaged $1240 with a manageable monthly payment of $144. To date, no one has defaulted.