Latest Update - 4/13/2015
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Dear Members:

It is with a heavy heart that we must inform you that by an agreement made with the PA Dept. of Banking; Grace Period, Dime-A-Day Solutions and Graced Lending will no longer be able to perform the club functions you have become accustomed to receiving.

 

Specifically, we have been instructed to imediately suspend the making of loans, both "club loans" ans "self loans".

 

We recognize that our inability to make funds available to you immediately could create the very cash access problem we have attempted to correct by this program’s existence.  While we empathize, we were unable to negotiate any arrangement in which operations could continue, even in the short run. 

 

Our function now is to collect all outstanding loans for fair and equitable distribution among our Members.

 

Our hope is to be able to begin distribution of funds to our Members by March 31st 2015.

 

This is all the information we have at this time. Please check this site for further updates.

 

Please know that all of us here are deeply saddened by the Dept. of Banking’s decision and will keep this site updated as more information becomes available.

 

Due to this situation we have streamlined our operations and have created a single email address for your use, help@graceperiod.org

 

Thank You for being a Member!

 

Information Update

DAD and Grace Period Members:

We are pleased to inform our active membership that collections are progressing and we anticipate, at a minimum, the full reimbursement of “savings” transfers. 

 

Disbursement will follow the below schedule:

 

Preliminary Fund Disbursement Schedule

Round 1                        March 25, 2015

Round 2                        April 15, 2015

Round 3                        May 1, 2015

Round 4                        June 1, 2015

Round 5                        To be determined

 

If you do not receive funding during Round 1 or Round 2, that does not mean you will not receive a refund.

 

If you did receive a distribution, that does not imply this is your total reimbursement.

 

Our ability to make funds available is directly tied to the success and timing of our collections from our borrowing members. 

 

Please be patient as our volunteer staff works to fairly and equitably distribute the collections made from the members that were blessed by your funds.

 

Thank you.