Can a New Kind of Payday Lender Help the Poor?
“With only 1,300 square feet and a $230,000 annual budget, CCC serves the same customer base as its for-profit counterparts, but to no great reward, with fees and interest rates adding up to less than half those of the competition. The organization has had, in Leibsohn’s words, ‘four near-death experiences’ since its opening in May 2009. In the nearly nine years of operation since, there’s only been enough revenue to pay his salary—$60,000 a year, no benefits—less than half the time.”