Aug 27, 2018 • 16M

This Genius Solution To PayDay Lending Deserves Your Attention - Ennie Lim -#687

 
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Some of the world's great changemakers join host Devin Thorpe to share leadership lessons you can use to increase your impact.
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Never miss another interview! Join Devin here: http://bit.ly/joindevin. Many people living paycheck to paycheck fall into a financial tailspin for lack of $500 or $1,000. A desperately needed but unanticipated car repair is enough to start a family on a collision course with financial ruin. PayDay loans are so expensive that customers often end up simply revolving the balance for months, paying weekly or bi-weekly fees to renew the loan and over the course of a year end up paying multiples of the original loan principal--sometimes without ever paying off the loan. Ennie Lim at HoneyBee developed an alternative. Let people borrow against their accrued paid time off--PTO. This virtually eliminates the risk for the lender and allows the loan to be made for a single 5 percent origination fee. Check out my free webinar where I share the secrets of successful nonprofit crowdfunding at http://crowdfundingforsocialgood.org.