top of page
In Partnership with.png

The Black Clergy Collaborative of Memphis (BCCM) and Hope Credit Union are collaborating to provide access to affordable financial products, services, and financial tools to low-income Memphis communities. Through the partnership, the two organizations will increase opportunities to build credit and wealth. BCCM and Hope have established a small loan fund that will help reduce the use of high-interest-rate payday loans. BCCM will provide a $50,000 security deposit to secure the loans referred to as Borrow and Save. Hope Credit Union will match BCCM's $50,000 security deposit.  The loan fund is the first step in the campaign to achieve long-term systemic change.

Loan Terms


  • Minimum Loan Amount:  $500.00

  • Maximum Loan Amount: $1000.00

  • 6% -18% annual percentage rate (APR)-Loan rated is based on credit score

  • Up to 12  month repayment period

  • An automatic draft set up for loan payment preferred

  • $10 Loan application fee

  • Hope Membership required (membership fee $10 and $15 share deposit required)

  • Underwriting Documentation:

    • Completed and signed HOPE Consumer Loan Application

    • Proof of Identification/SSN

    • Proof of Residence

    • Verification of income from employer (two most recent paystubs)

    • Authorization letter from BCCM to participate in the program

  • HOPE will obtain a credit report for the purpose of credit counseling.  Not to approve or deny credit to an individual authorized by BCCM to participate in the program.

bottom of page