The Predatory Loan Conversion Program is designed to help our neighbors get out of debt as a result of payday loans or title loans. On average, borrowers end up indebted for five months of the year on their original two-week loan. By partnering with a cooperating credit union, we help those in need convert high interest loans into share secured loans at a lower interest rate.
The average interest rate of payday loans are 324%. 70% of Texas payday loans are for $500 or less. Since 2014, we have converted 238 loans and issued 156 loans.
For more information on participating in PLCP, please contact our office at 512-251-6995.