{"id":17692,"date":"2024-07-25T23:01:53","date_gmt":"2024-07-26T03:01:53","guid":{"rendered":"https:\/\/www.hopecu.org\/?post_type=product&p=17692"},"modified":"2025-03-04T10:36:29","modified_gmt":"2025-03-04T15:36:29","slug":"affordable-loans-for-memphis-families","status":"publish","type":"product","link":"https:\/\/www.hopecu.org\/product\/personal\/han-personal\/affordable-loans-for-memphis-families\/","title":{"rendered":"Affordable Loans for Memphis Families"},"content":{"rendered":"\n
\n
\n

Too many Memphis-area residents struggle with the burden of predatory loans.<\/h2>\n<\/div>\n\n\n\n
\n
\n

Families have been victimized by the high costs and endless cycle of being in debt to payday lenders, check cashing operations, and cash-for-title businesses.<\/strong><\/h2>\n\n\n\n
<\/div>\n\n\n\n

Now there is a better way.<\/strong><\/h3>\n\n\n\n

People can take advantage of a low-cost alternative to help meet short-term financial needs thanks to a partnership between The Black Clergy Collaborative of Memphis (BCCM) and Hope Credit Union (HOPE). Borrow and Save loans provide funds for essential expenses along with a funds that go into savings to help build a financial cushion.<\/p>\n\n\n\n

The loans are supported by funds from BCCM and HOPE, and they help borrowers improve their credit history and score as the loans are repaid. Borrowers also benefit from financial education and counseling that are available through the program.<\/p>\n\n\n\n

<\/div>\n\n\n\n

Additional Benefits from HOPE<\/strong><\/h3>\n\n\n\n

When people get a BCCM Borrow and Save loan from HOPE, they also become a credit union member. This provides an opportunity to access other affordable products and services available from HOPE.

For families who may be farther along in their financial journey, we encourage them to become HOPE members and enjoy all the benefits the credit union offers. By joining HOPE, you are also supporting a financial cooperative that makes resources available to and helps build wealth for your neighbors and your community.<\/p>\n\n\n\n

<\/div>\n\n\n\n

Take the First Step<\/strong><\/h3>\n\n\n\n

Getting started is easy. Just contact a participating church<\/span><\/strong><\/a> and you will be connected to a representative who can complete the referral process.\u00a0 You can also submit the form on this page, being sure to select a one of the churches from the list, and someone will be in touch to complete the referral process.\u00a0 Also check out the program requirements<\/span><\/strong><\/a> to make sure your application process will go smoothly.<\/p>\n\n\n\n

If you are interested in other affordable financial products and
services from HOPE, contact any of our five Greater Memphis branches<\/span><\/strong><\/a>.<\/p>\n\n\n\n

<\/div>\n\n\n\n
\n
Open My Account<\/a><\/div>\n<\/div>\n\n\n\n

<\/p>\n\n\n\n

<\/p>\n\n\n\n

\n
\n
\n
\n
\n
\n
\n

Participating Churches<\/h2>\n
\n
<\/div>\n
<\/div>\n <\/div>\n <\/div>\n
\n
\n
    \n
  • Abyssinian Missionary Baptist Church<\/li>\n
  • Christ Missionary Baptist Church<\/li>\n
  • Grace United Methodist Church<\/li>\n
  • Golden Gate Cathedral<\/li>\n
  • Mississippi Boulevard Christian Church<\/li>\n
  • New Friendship Missionary Baptist Church<\/li>\n
  • New Sardis Baptist Church<\/li>\n
  • Path Ministries Christian Church<\/li>\n
  • Pilgrim Rest Church<\/li>\n
  • Saint Andrew African Methodist Episcopal Church<\/li>\n<\/ul>\n <\/div>\n <\/div>\n <\/div>\n
    \n
    \n

    Program Requirements<\/h2>\n
    \n
    <\/div>\n
    <\/div>\n <\/div>\n <\/div>\n
    \n
    \n
      \n
    1. A $10 loan application fee. The application fee is not refundable and can be taken from loan proceeds.<\/li>\n
    2. Documents that verify income. (Ex: Two pay stubs, Social Security award letter, retirement income, alimony payment, etc.)<\/li>\n
    3. Proof of identification. (Ex: Social Security Number, Individual Tax ID Number (ITIN), Tennessee ID)<\/li>\n
    4. Evidence of a Memphis or neighboring city address.<\/li>\n
    5. Agree to repay the loan.<\/li>\n
    6. A $10 membership and a $15 savings deposit fee. The membership fee and savings deposit can be taken from loan proceeds.<\/li>\n
    7. Consent to BCCM sharing your information with Hope Credit Union.<\/li>\n<\/ol>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n<\/section>\n\n