HARAHAN, La. (7/28/15)--A pilot payday loan consolidation program fostered by ASI FCU, Harahan, La., received financial backing through a grant from a power company foundation.
The Entergy Charitable Foundation--the charitable arm of the Southeast power company Entergy--supports initiatives that help create and sustain thriving communities, with a special focus on low-income initiatives. In its first round of 2015 grants, it awarded $6,000 to the Freedom Payday debt consolidation program.
The program from A Shared Initiative Inc. (ASII) aims to help consumers get out of the payday lending cycle and become more financially literate. ASI FCU created ASII after Hurricane Katrina in order to administer community development initiatives and combat economic distress in the New Orleans area.
Characteristics of ASII Freedom Loans include: