MB Financial Group Trying New Loan Program
Friday, March 11, 2011 at 14:31
A financial group in Winnipeg is trying a new way of loaning money to First Nations workers.
The Tribal Wi-Chi-Way-Win Capital Corporation is offering employee benefit loans nationwide.
Brenda Zurba is looking after the program.
She explains they’re trying to counter the pay-day loan outlets that promise quick cash to needy people, but end up milking them for hundreds of dollars in interest.
She says under the Corporation’s plan, the interest on a loan is much less, and you have a much longer period to pay it back.
Zurba says they are currently directing the program through companies on reserve and other employers which means the applicant has to be working.