Press
ASII & Entergy empowering consumers with financial freedom
HARAHAN, LA (July 17, 2015) — Most people are familiar with payday loans, which are usually taken out at dedicated storefronts and involve paying a set amount per $100 borrowed on a loan that comes due on the next payday. Because of the substantial interest and the short duration of the loans, the interest rates are shockingly high. The majority of payday loan borrowers renew or roll over their loans multiple times which means most end up paying more in fees than the amount of money initially borrowed. Working families are spending millions of dollars on fees for these loans – money that could be spent in more productive ways such as paying off other debt, investing in education or buying a home.
A Shared Initiative, Inc.’s (ASII) vision is the elimination of poverty in all the communities they serve, and they see significant other gaps in social and financial services to help low-income residents of our community, many of whom are caught in the debt-trap of payday lending, move up the economic ladder. They believe that providing communities access to wealth creation is the best way to eradicate poverty and with the help of the Entergy Charitable Foundation, they’re helping free consumers from the debt-trap of predatory, payday lending by empowering them with the knowledge and ability to manage their hard-earned money more effectively.
ASII recently received a grant from the Entergy Charitable Foundation to support “Freedom Payday Debt Consolidation Program”, which helps free consumers from predatory, payday lending and empower them with the knowledge and ability to manage their hard-earned money more effectively. This program not only includes a mechanism to eliminate their payday loan debt but also includes extensive financial counseling to ensure that the results are sustainable.
Giving back to the community is an integral part of Entergy’s corporate mission and they have a long history of support for the community. ASII is proud to partner with Entergy to help improve the vitality and quality of life in the communities we serve.
About ASII
A Shared Initiative, Inc. (ASII) was created by ASI Federal Credit Union (ASIFCU) following Hurricane Katrina to intensely administer ASIFCU’s community development initiatives and combat post-Katrina economic distress in the Greater New Orleans area. The mission of ASII is to provide affordable lending opportunities and expand access to financial education and other vital community services.
ASI Federal Credit Union (ASI) was chartered in 1961 to serve working class members in Southeast Louisiana. For over 50 years, ASI has lived the mission of strengthening the financial health of underserved communities through financial services and education. Today, ASI has more than $300M in assets and 55,000 members and offers 12 branch locations in four parishes.