As former employees of a financial institution, we saw first-hand that banks simply are not designed to serve a large portion of the population, namely those with low credit scores, higher debt loads, and lower incomes. As a result, these folks are forced to turn to predatory lenders and check cashers that charge exorbitant rates (often over 400% for a pay day loan).
The financial stress and lack of access to affordable services crushes people, breaks apart families, hinders businesses, and weakens communities. So by addressing the issues of financial stress and access to services, we can really make a difference. That’s why AOF was formed.