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Federal Workers Turn to Small Dollar Loans During the Shutdown
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Federal Workers Turn to Small Dollar Loans During the Shutdown

Federal Workers Turn to Small Dollar Loans During the Shutdown

Peter Renton·
FintechNews RoundupUSA
·Jan. 25, 2019·1 min read

A beneficiary of the government shutdown are the small dollar lenders as more federal workers turn to them to make ends meet; these loans offer high interest rates and are often predatory in nature but they are attractive to many Americans who feel like they have no other alternative; but there are alternatives, many credit unions and community banks are offering interest free loans to government workers payable after the shutdown ends; there is also a bill before Congress to offer $6,000 no-interest loans to all federal employees affected by the shutdown. Source.

  • Peter Renton
    Peter Renton

    Peter Renton cofounded Fintech Nexus as the world’s largest digital media company focused on fintech before it was acquired by Command. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series.

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community bankscredit unionsgovernment shutdownpayday loanssmall dollar lending
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