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(HOUSTON) — A community program that helps low-income people obtain car loans is touting some impressive numbers as it closes in on the $1 million mark.
It’s called the the Ways to Work car loan program through Family Services of Greater Houston, and it provides loans to high-risk clients with low-income or no credit.
If these people were to apply for a car loan elsewhere, they would pay as much as 29 percent interest.
“Our aim is to empower families and help them improve their overall financial condition,” Deidrea Jackson with Ways to Work said.
The Ways to Work program will loan a high-risk client as much as $8,000 at 8 percent interest for three years at $250 a month.
“Approximately 94 percent of our clients are successful in repaying the loan,” Jackson said.
Jackson said the high success rate is due to their support services, which provide coaching when needed.
For more information, go to FamilyServices.org.
Houston Program Offers Car Loan Help for Low-Income Families was originally published on news92fm.com
