Radiant Relief

Some of the biggest smiles at Love Columbia are those on the faces of clients who have retired debt. We often hear that clients feel less anxious and have greater capacity to make decisions and problem solve once they have paid off debt. These comments align with research that shows that debt significantly increases anxiety levels and decreases cognitive functioning even to the point of keeping people trapped in poverty.

Our Extra Mile financial coaching program strives to relieve the unbearable weight of debt by teaching sound financial practices and offering no interest loans to retire high interest debt. In 2023, 98 participants completed four weeks of Extra Mile financial education and 49 completed the full 16- week coaching program. 90% of the graduates saved or paid off debt, totaling $111,637 ($57,879 saved and $53,758 debt paid).

Soon after we started our Extra Mile financial coaching program, we noticed a pattern. One third of the people who enrolled had a high interest payday or car title loan they were struggling to repay. In most cases the client had no family or friend to whom they could turn and no other options when an unexpected expense arose.

Our Extra Mile Loans program provided 34 new loans in 2023, totaling $24,146 loaned. Since the program’s inception five years ago, we have loaned $107,345, with a 91% repayment rate due to the relationship focus of the Extra Mile program. Recipients are very grateful to receive no interest loans after trying to pay off high interest payday or car title loans. Kelli Van Doren, our Coaching Programs manager, loves to say, “When you make a payment on one of our no interest loans, your principal actually goes down!”

Love Columbia Coaching Programs Manager, Kelli V. alongside Ruby ringing the Joy Bell in celebration of having officially paid off her Extra Mile title loan relief loan that she received from Love Columbia.

Ringing the Joy Bell to Celebrate Debt Paid

• Client with disabilities who works part-time to make ends meet received a no interest loan to pay off a high interest payday loan. By repaying the loan and wise use of a secured credit card, he raised his credit score from 548 to 698.

• Childcare worker seeking to advance her career in child development through university courses fell behind on rent and tuition during the pandemic and got into payday loan debt. An Extra Mile loan paid off her payday loans and Mizzou debt that was preventing her from continuing her education. She subsequently enrolled in MACC’s A+ program where she can finish her education tuition-free. She completely paid off her $5,000 Extra Mile loan.

• 70-year-old woman still working part-time obtained an Extra Mile Loan to prevent foreclosure on her home. She repaid the no interest loan in full and worked to raise her Credit Score to 634. She took out and repaid a second no interest loan to pay property taxes and now has established a monthly tax payment schedule so she does not accumulate debt she cannot pay.

• Single mom of four used a no interest loan to pay off high interest car title loan that kept her in constant fear that her van would be repossessed, and she would have no way to get to work or take kids to school.

• Older woman on fixed income was about to lose her car due to a high interest title loan. She was discouraged because her debt kept growing even though she faithfully made payments. Through a no interest loan, she maintained reliable transportation, made payments every month and is now debt-free.

• Two Extra Mile grads came in to ring the joy bell because they were so elated to be staying out of debt. One young man reported 16 months debt-free. He accomplished this while starting his own business. Another grad reported a 760 credit score. He was debt-free, only using a credit card for expenses he could pay off each month.

Love Columbia client ringing the Joy Bell shared, “I’ve been working extra hours to pay my credit card off and have so far paid off 8 debts to get my credit back up. I’m working toward developing a better future. I am so thankful for you guys!”

No Interest Car Loans and Car Savings Matches

In 2023, we provided 22 car purchase loans, totaling $25,961. Since beginning car loans two years ago, we have loaned $45,054. We also provide financial coaching participants who save $1,000 toward car purchase a $500 match. In 2023, we provided 24 car savings matching gifts.

Jennifer and Warren smiling with one of their children by the car they purchased with the help of a no interest car loan. Jennifer came in recently to ring the bell when they paid off the loan six months later.

Experience the Joy of Extra Mile Coaching

"I never would have guessed that I wouldn't just be gaining a coaching client. I would be gaining a daughter."

Deb Self reflected on what she has gained through Extra Mile coaching. She shared that the beauty of being a volunteer coach is the unique relationship she got to form with her coaching participant. "The meetings started out going over her budget and talking about spending habits. Those exchanges proved to be a gateway into sharing about our lives and forming a friendship."

After retiring from a career in accounting and administration, Deb spent a decade volunteering with an Interfaith agency, assisting individuals affected by AIDS. One humbling experience stood out: helping a man with his groceries using food stamps he had entrusted to her. This moment opened her eyes to the unseen struggles in her community and deepened her commitment to service.

Following a period of personal loss, Deb sought solace in volunteering. She joined the Heart of Missouri United Way’s Give 5 program that introduces retirees to their partner agencies. She was immediately drawn to Love Columbia’s financial coaching opportunities. After being paired with a woman eager to tackle her financial challenges, Deb embarked on a journey of mentorship and growth.

Her client faced ongoing financial struggles despite her hard work and dedication. Over the next six months, Deb and her client pressed forward with budgeting and savings, sometimes feeling like they would take a few steps forward only to go one step back.

Despite the difficulties, they persisted together and her client graduated the program. Wonderfully, the two women have remained friends.

Deb encourages others to consider volunteering and emphasizes the healing power of service, particularly in times of personal grief and loss.

"Through volunteering, I was able to rediscover purpose and building meaningful relationships."

Special Giving Opportunity

Join our Monthly Giving Program and double your impact! An extraordinary opportunity awaits when you pledge a monthly donation for a year: a kind-hearted anonymous donor will match your entire year's contribution.

Plus, there's more! By pledging at least $20 a month, you'll receive a complimentary Love Columbia t-shirt delivered right to your doorstep.

A $5 monthly pledge to Love Columbia immediately transforms into an extra $60 matching gift for Love Columbia, thanks to our generous donor's matching commitment. Together, we can make a significant impact on the lives of our neighbors right here in Columbia.