Sunrise Gains Traction Against Payday Lenders
Allies arrayed against the Minnesota payday lending industry are gaining traction thanks to a $2.2 million Next Opportunity Award for Sunrise Banks of St. Paul. The bank's small-dollar loan program, TrueConnect, already covers 10,000 employees through participating employers. Sunrise CEO Dave Reiling said the fresh capital will allow the bank's TrueConnect program “to scale nationally and offer a safe-loan alternative for 26 million Americans who do not have a credit score.” Through TrueConnect, offered as an employee benefit, a worker can get a loan of up to $3,000. The loan is retired through payroll deductions for up to 12 months. Sunrise, which makes 60 percent of its credit available in low-income communities, has signed up over 20 employers and is expanding TrueConnect to California, Ohio and other states.