Fighting Pay Day Lenders

Foresters Community Finance recently expanded its loans product suite with the launch of it’s new product – FreshPath.  FreshPath offers cash loans of up to $4,000 for the times when people need extra cash fast for whatever reason. 

Foresters launched FreshPath cash loans as a cost-effective alternative to the high-interest loans offered by pay-day lenders, where annual interest rates charged are often between 112% and 407.6%, with the majority tending to be at the higher end permissible under law.  The difference with a FreshPath Cash Loan is the low establishment and monthly fees, along with the commitment and core belief that all lending should be responsible, fair and ethical.

The application process is quick and easy and all online. The cash loans are paid directly into a nominated bank account for fast and easy access as needed.

Cufa acquired Foresters, a long-standing a not-for-profit micro-loan organisation in July 2019. Cufa CEO, Dr Peter Mason then said about the amalgamation: “it is a union of two like-minded organisations, both having a strong social impact on economically disadvantaged individuals and communities through providing financial services and education with the aim of preventing people plunging into a spiralling cycle of debt.” Both organisations have a principle of helping people help themselves. Foresters is also a Certified B Corporation which means that it uses the power of business to solve social and environmental problems.