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Car Loan is Key to a Better Future

Financial and Social Impact

  • Stacy’s household is one of nearly 6,000 each year that Ways to Work educates and one of the approximately 2,000 families annually it provides with low-interest loans

Stacy Wharton-McCoy, a busy single mom with three children, operates on the tightest of budgets in order to feed her children and pay her monthly bills. Not long ago, she had resigned herself to borrowing friends’ cars or relying on public transportation to get by. A big-ticket purchase like a vehicle—something she desperately needed to go to and from work, the grocery store, and daycare—was out of the question.

Then Stacy learned about Ways to Work, a CDFI in Milwaukee that specializes in helping low- and moderate-income working people obtain car loans. Counselors at Ways to Work typically coach clients like Stacy on how to improve their credit scores and get their finances on track. Just as important, the organization provides auto loans of up to $8,000 competitive interest rate. Stacy’s household is one of nearly 6,000 each year that Ways to Work educates and one of the approximately 2,000 families annually it provides with low-interest loans.

“Without this loan from Ways to Work, I’d be unable to care for my family. My counselor walked with me hand-in-hand to help me get back on track, and I now have a car that I would have not been able to buy otherwise.”

(Date of loan: 2013. Date of story publication: 2013)