La Casa de Esperanza Partners with Peoples State Bank for New Loan Program
WAUKESHA, Wis. – February 1, 2024 – La Casa de Esperanza’s Center for Financial Stability has partnered with Peoples State Bank to launch a new loan program. The loan program aims to protect low-credit individuals from predatory lending practices with high-interest rates.
With the launch of the new loan program, La Casa de Esperanza clients can borrow $1,000 to $3,000 on a 36-month payback term with 35 monthly payments of $29.71 per $1,000 borrowed and a final payment of $29.92. Unlike many payday loans with high-interest rates, La Casa’s program will have an Annual Percentage Rate of 3.99%. In addition, the first payment is deferred for 60 days from the closing date, allowing clients time to get their finances in order before the loan repayment begins.
The new loan program marks a significant step towards providing financial security and stability to La Casa de Esperanza clients. Individuals who have been kicked out of the banking system through ChexSystems will also have the opportunity to participate in the program, allowing more access to fair and affordable financial solutions.
“We are so excited to partner with Peoples State Bank to address financial hardships in our communities and truly empower individuals to take control of their finances. Together, we worked with Peoples to create a loan product to help the “unbanked” or those dealing with “bad credit” meet an emergency need without adding high-interest rates and excessive fees, often resulting in a bigger hardship. A portion of their payment will be put into a savings account and earn a premium interest rate, so they have an emergency savings account upon paying the loan. All loan participants will receive financial counseling from our HUD Certified Housing Counselors,” said Gina Sanchez Juarez, Director of La Casa de Esperanza’s Center for Financial Stability.
For more information about La Casa de Esperanza’s Center for Financial Stability and the new loan program, please contact Gina Sanchez Juarez at (262) 899-6786 or firstname.lastname@example.org.
La Casa de Esperanza, Inc. is a nonprofit organization whose mission is to provide opportunities to achieve full social and economic participation in society with emphasis on the Hispanic population. La Casa de Esperanza helps over 20,000 Waukesha County residents annually through educational, workforce and employment program, health, nutrition, and housing services.
Peoples State Bank is a community bank headquartered in Wausau, Wisconsin, serving north, central, and southeast Wisconsin from eleven full-service banking locations in Marathon, Oneida, Vilas, Portage, Waukesha, and Milwaukee Counties. Peoples was founded in 1962 and has total assets in excess of $1.4 billion. Peoples is an Equal Housing Lender and Member FDIC. More information about Peoples can be found at www.bankpeoples.com.
Peoples provides financial services to business owners and individuals, as well as investment and retirement planning services through Peoples Wealth Management, a division of Peoples. PSB Holdings, Inc., the parent company of Peoples State Bank, trades its common stock under stock symbol PSBQ on the OTCQX Market.