Some tax preparers call it "the big money moment." They're talking about the time of year when consumers receive their tax refunds. The lump sum, especially if the individual qualifies for the Earned Income Tax Credit (EITC), is often the largest payment they'll get all year long, says Molly Barackman-Eder, senior manager for financial capability at NeighborWorks America.

Having poor credit or no credit history at all can have ripple effects for a person who is already in a precarious financial situation. A person's credit history tells a story to lenders, landlords, and service providers; therefore, a poor credit history can make it difficult to find affordable housing, buy a home, or even procure common goods and services such as a cellphone, furniture, or car insurance. 

Molly Barackman-Eder, Manager, Financial Capability

The winter holidays and the start of school are times when expenses can suddenly spike. Many low- to moderate-income families are unable to cover them, turning instead to expensive, predatory payday, auto-title or similar loans. Clearly, a safe alternative is needed.