PALO ALTO, Calif., Nov. 17, 2015 /PRNewswire/ -- SimpleFi, a leader in providing responsible financial opportunity to everyone, today announced that the San Francisco Housing Development Corporation (SFHDC) will be offering SimpleFi's financial wellness solution to its clients, moderate- and low-income San Francisco residents. SFHDC is dedicated to fostering financial stability through the development of affordable housing, the facilitation of homeownership, and the economic empowerment and revitalization of Southeast San Francisco. With SimpleFi, SFHDC clients now have access to credit at affordable rates - zero to nine percent APR - with no hidden charges. SimpleFi also provides one-on-one financial coaching in order to help overcome personal debt, decrease financial stress and achieve financially healthy households.
With sky high rents and daily living expenses becoming common in San Francisco, many residents today are facing financial barriers when it comes to sufficient housing. SimpleFi provides capital in order to overcome obstacles, such as insufficient security and utility deposits or outstanding bills and debt, enabling these residents to get on track financially and successfully pay future rent and housing expenses.
"There are three things that help people improve their financial standing: improving credit, eliminating debt and increasing savings," said Sheri Powers, Director of Financial Empowerment and Economic Development at SFHDC. "With payday and predatory lenders available at nearly every corner of the city, it can appear easy for people to solve today's financial problems, but if they fail to understand future implications, they can end up falling into an expensive debt trap. SimpleFi gets to the heart of the matter and is an ideal product to end the cycle of debt."
SimpleFi's low-cost loans and refinancing options help to relieve stress during financial emergencies, and also allow users to pay down debts faster than traditional solutions, which often waste time and money paying interest rather than principal. In addition, one-on-one credit coaching helps educate users on how to get out of debt and build credit for the long term.
"Debt is easy for people to accumulate, but extremely difficult for people to manage and pay down which can make for a dangerous financial situation," said Adam Potter, co-founder and president of SimpleFi. "SimpleFi is committed to offering a responsible lending solution that alleviates debt and helps to create a plan for future financial success. We are very excited to be working with SFHDC as our organizations align on many goals and values critical to establishing financial stability and well being."
SimpleFi reviews each individual borrower's unique situation using a proprietary underwriting model versus traditional methods that can be extremely limiting. This allows SimpleFi to serve a wider spectrum of consumers, often including those who cannot qualify for a traditional bank loan and those who would be preyed upon by automated lenders. To ensure responsible lending, SimpleFi offers financing that is authorized for emergencies or to pay off existing debt, not to make new purchases. In addition, loans are directly repaid with other bills by the borrower in order to avoid the pitfall of automated payroll deductions, which can put debt repayment of small dollar loans ahead of basic living expenses such as rent, utilities, food, etc. Obtaining affordable credit and financing is becoming a challenge for many across the country, and SimpleFi aims to provide responsible financial opportunity for everyone.
SimpleFi's mission is to financially empower everyone through highly accessible and affordable credit tailored to personal needs, and combined with one-on-one financial coaching and advocacy. The company and its founders believe that access to financial opportunity at fair rates is crucial to a healthy workplace and national economy. Whether it is a student who is burdened with education loans, an employee who is faced with unexpected expenses, or a member of the military trying to improve credit, SimpleFi is committed to the economic good of alleviating personal debt. Based in Palo Alto, California, SimpleFi is privately held and backed by social impact investors and strategic institutional partners. For more information visit www.simplefinow.com.
Founded in 1988 by community leaders and advocates in the Western Addition and Bayview Hunters Point neighborhoods who wished to combat the widespread displacement of African Americans and others, SFHDC provides equal opportunity to access housing, financial well-being and supportive services. The organization has built over 350 affordable homes, and is currently partnering to construct or renovate another 750 affordable homes in San Francisco.
For additional information, visit www.sfhdc.org.