INDIANAPOLIS – Prosperity Indiana congratulates United Way of Southwestern Indiana on the launch of the state’s newest Community Loan Center (CLC), providing an alternative to payday lending to the Vanderburgh, Warrick, and Spencer County communities.
“The Prosperity Indiana network continues to invest in addressing the critical need for safe lending alternatives across our state, and we couldn’t be prouder,” said Aspen Clemons, Executive Director. “We are grateful to First Merchants Bank for their partnership and their commitment to expanding safe lending options to even more Hoosier households.”
Community Loan Centers offer a no-cost financial wellness benefit to partnering Indiana-based employers. This employee benefit provides emergency loans of up to $ 1,000 with no credit check. Repayment is made automatically through payroll deduction over 12 months, building the borrowers’ credit each month. In addition to the emergency loan, extended repayment time, and credit building benefits, employees also have access to free financial education and resources through their Community Loan Center lender.
Indiana’s network of community-based, nonprofit CLC lenders includes CoAction in Northwest Indiana, Brightpoint in Northeast Indiana, Homestead Resources in West Central Indiana, and United Way of Southwestern Indiana. Each organization is committed to providing hardworking Hoosiers an alternative to high-cost payday loans that often lead to a debt trap. CLC loans are funded by each lending partner, as well as by generous grants and donations.
For more information about the CLC program or to inquire about becoming a participating employer or lender, please visit clcofindiana.org or prosperityindiana.org/clc.
