BetterFi Information

BetterFi is a 501(c)(3) CDFI and economic justice enterprise dedicated to ending predatory lending. Tennesseans pay as high as 460% on predatory consumer loans, becoming trapped in a cycle of hyper expensive debt. BetterFi's flagship program involves refinancing predatory debt so that clients pay less every month, pay less overall, can actually pay down the loan, and can build credit with the three major credit bureaus. A typical victim of predatory Tennessee flex loans can pay $465 per month in interest and fees in perpetuity on a $2,000 flex loan, paying more than $5,500 over the course of a year only to still owe $2,000. By contrast, a ReFi with BetterFi client would pay about $193 per month and pay off the credit over one year. BetterFi also offers a suite of tools and programs to address the gaps in finance for the underbanked: a credit building program in which BetterFi can report contributions toward a savings goal as payments on an installment loan with the three major credit bureaus, an AI-powered cash flow analysis tool that empowers clients to instantaneously understand their spending habits, one-on-one credit report review, and financial education and coaching programs deployed in conjunction with partner nonprofits, churches, governmental institutions, and employers.