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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.