As a single mom with a family, I loved my job and it paid well. Yet, my finances were in disarray.  I was behind on paying my utility bills, car loan and rent.  Surely, a PayDay Loan was a quick and easy fix to my financial struggles! 

My bills continued to pile up!  I saw no end to my financial problems.   I reached out to the Society of St. Vincent de Paul (SVdP) for help.  On my first visit with volunteer advocates, I saw I had a chance to get back on my feet again !

Yet, my PayDay Loan, with an interest rate 700%, kept me trapped in a cycle of debt!  Then, my volunteer advocates introduced me to SVdP Mini-Loan Program (MLP)  as a way to help me take control of my finances.  While reviewing my bank statements and budget with my volunteer advocates, I became more knowledgeable of unwise financial decisions I had made over time. 

During additional meetings, I set up a budget with the help of MLP Coordinator and encouragement of my volunteer advocates.  The key point of these meetings was to set up a budget I would stick to.  I needed to be truthful to myself and to understand all my finances, both income and expenses. With confidence, I applied for a low interest bank loan available through the Mini-Loan program.  Shortly thereafter, I was approved.  YEAH!

Now the difficult part started.  I had to stay on budget!  My SVdP volunteer advocates helped me.   Together, we reviewed my budget periodically, addressed other obligations, and established written goals.  They gave me a reality check on how loans are obtained. And, most importantly, they kept my feet to the fire to ensure my budget goals were met.

I was comfortable and very proud I was managing my finances.  By year end, all my bills were current.  My only debt was the MLP loan which was being paid on schedule.  I established a “credit builder account” with a credit union to increase my FICO score and help me with future goals.   Within sixteen months, I paid off the MLP loan, raised my FICO score from 545 to 670, and had cash in the bank! 

I have no doubt my volunteer advocates were sent by God!