Philly offers alternatives to predatory lenders
Philadelphia Mayor John Street launched three loan programs Monday to help residents avoid predatory lenders. According to the Philadelphia Inquirer, the city is providing $750,000 in loan-default protection to eight banks that have agreed to participate in the programs. The PHIL-Plus program will allow residents to borrow up to $25,000 for 20 years for home improvements and debt consolidation. The Mini-PHIL program will offer loans up to $10,000. A Home Equity Loan Preservation Program will allow people who have fallen prey to predatory lending to refinance their homes. For more information, visit http://www.philly.com/mld/inquirer/news/local/6206772.htm.