Winchester Rotary Club members learned about BetterFi during their recent meeting.
BetterFi is a nonprofit 501(c)(3) economic justice enterprise providing equitable financial services and coaching as a pathway out of predatory loans.
Spike Hosch, executive director at BetterFi, explained that by structuring their loans to prioritize affordable and successful repayment rather than their own profit maximization, BetterFi works with its borrowers to meet their emergency liquidity needs, strengthen their financial fitness, improve their credit scores, and increase their ability to utilize conventional financial services.
To date, BetterFi has disbursed over $94,000, which Hosch said equates to over $157,000 in savings for their clients when compared to typical Tennessee car title loan borrowers.
BetterFi’s pilot project has started in Coalmont. To learn more, visit www.betterfi.co.
Rotarian Kyle Hatchett led the program.