The RedDough Money Center is a low-cost, trusted option for small dollar consumer loans, check cashing and other banking services. We have created a solution that is revolutionizing the marketplace: a non-profit Alternative Financial Services provider whose mission is to give back to the communities in which it operates.
Combatting predatory lending is our primary focus. We have created a product called the Helping Hand Loan™, an installment loan for $500 that helps consumers break the payday loan cycle. It features a maximum six-month term, and we attempt to ensure that the monthly payment is no more than 5% of the borrower’s monthly gross income. The interest rate is capped at 36% APR. This combination of a lower rate, longer term and smaller payment eliminates the need for countless rollovers, which is the primary reason why payday loans have become so predatory in nature.