As of Tuesday, October 4, the Predatory Loan Conversion Program has converted 100 payday loans and has issued 60 low-interest PLCP loans in just two and a half years! One of the Diocesan Council’s greatest Systemic Change success stories, this program has garnered support from the Texas Financial Education Endowment, the Texas Bar Foundation, and the Diocese of Austin to help Central Texans escape the crushing debt of payday loans and secure a better future. With a financial literacy course component and a loan closure incentive, PLCP ensures that participants have the tools and resources to start anew.
In less than three years, fifteen conferences have enrolled neighbors in PLCP, with the program’s reach extending from San Marcos to West to Bryan/College Station. However, PLCP has made an impact even beyond the Diocese of Austin; the program has served as a model for emerging Society programs across Texas and the South Central Region.
The Society owes a debt of gratitude to the program’s advocates and administrators. Beginning in the fall of 2013, twelve Vincentians regularly met to create and develop the program over the course of six months. Since the program’s inception, Diocesan Council Treasurer Matt Pogor has served as PLCP administrator, helping train volunteers, assist neighbors, and spread the word. We appreciate the incredible work this team has done to make this program a rousing success.
Be sure to check the PLCP section of the e-news each week to track our progress!