Onward Financial | Communities Thrive Challenge Grantee

– Payday loans don’t discriminate. They lend to people of all income levels, all colors, and essentially target those people that don’t have the means
to take care of an emergency while they’re in a panic. (inspirational music) What the 401K is for retirement savings, Onward is for emergency savings. We developed a employer benefit that helps low to moderate income workers build a financial cushion for themselves. (machinery rattling) We sell our program to companies that have a large number of workers that earn less than 20 dollars per hour. We have a mobile app. It helps people save
directly from their paycheck. We send them financial tips,
tools, and other resources directly to their phone, and also provide them with
access to an emergency loan, if an emergency were to come up. Access to credit is still a challenge for many low to moderate income people. When they have an emergency they can’t go to a bank to get a loan. Instead, they are left
with payday lending shops, car title lenders, and
other predatory sources to get access to quick cash. – We had people come to us in the past and they would want to
borrow money or whatever ’cause they got a car problem, or a hospital bill to pay, or whatnot. How do you support these people
with a real live solution? Well, Onward was perfect,
because now they can participate, and they can control
their own financial lives as they start to
contribute to their funds, as their savings build up. So, from a strictly business standpoint, it’s improved morale,
lowered turnover rates, and quite frankly it’s
increased productivity. – The situation before I
started using the Onward plan, it was dire due to the
fact that I had no savings. So, it was more of a paycheck
to paycheck, you know. I had what I had and that was it. With the Onward plan, I have
about three thousand saved up. So, it’s also helped me set a
goal for my financial future, and be more confident in it. – I fundamentally believe
that a $400 expense shouldn’t destabilize a family, and with Onward, having
access to an emergency fund, knowledge of your financial options, and access to a responsible
and affordable loan, can help move someone past
the place of financial stress to financial security, and that can be life changing.

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