This program offers loans to members of the community who are suffering from heavy and immediate debt burdens due to high interest rates, and are struggling to pay them off. This kind of debt can be defined as those bearing significant interest rates while also having a maturity of a maximum of one year e.g. credit cards, payday loans, etc. With average credit card debt in Canada over $4,200 in 2019, it is easy to find oneself in spiralling debt without an easy way out. Beneficent’s Loan Program helps those in this situation ‘get back on their feet’ by cutting off the effects of compounding interest and allowing them to rebuild their wealth, instead of seeing it being siphoned off towards ever-increasing debt payments.
The following infographic explains how the model works and its ultimate goals.