
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
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Minimum Loan Amount: $500.00
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Maximum Loan Amount: $1000.00
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6% -18% annual percentage rate (APR)-Loan rated is based on credit score
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Up to 12 month repayment period
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An automatic draft set up for loan payment preferred
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$10 Loan application fee
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Hope Membership required (membership fee $10 and $15 share deposit required)
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Underwriting Documentation:
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Completed and signed HOPE Consumer Loan Application
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Proof of Identification/SSN
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Proof of Residence
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Verification of income from employer (two most recent paystubs)
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Authorization letter from BCCM to participate in the program
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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.