Mission Asset Fund
Mission Asset Fund believes in creating pathways out of the financial shadows. Every day we help house cleaners and restaurant owners across the U.S. save money with better credit and less debt. We do it because 50 million Americans are living in the shadows where predatory lenders lurk. From our signature social loans to our groundbreaking research, we innovate and advocate for effective, culturally relevant ways to improve economic mobility. With a network of nonprofits across the country, we are transforming the financial services sector so that all hardworking families have a shot at achieving their dreams.
Lending Circles is a program that provides a zero-interest social loan to help participants build credit and access an affordable, small dollar loan. Benefits: build credit, learn personal finance and get a zero-interest loan. Lending Circles are usually made up of six to ten people who decide on an amount for their group loan, typically around $1,200. Everyone in the Lending Circle makes the same monthly payment ranging from $50 to $200, which MAF reports to the credit bureaus. The loan rotates each month to a different participant. This program is a proven method to help participants establish or build credit scores. Each participant has their own need or goal for the money they borrow – some use it as a savings tool, others use it to pay off high-interest debt, tuition or even taxes.
Lending Circles for Citizenship: provides a zero-interest loan to help participants finance the $680 application fee needed to apply for U.S. Citizenship. Benefits: build credit, learn personal finance and become a citizen. Participants take our online financial training class and build credit by making low monthly payments for 10 months. As soon as participants are ready to apply for citizenship, we give them a check made out to the U.S. Department of Homeland Security.
Lending Circles for Deferred Action: provides a zero-interest loan to help participants pay the $465 application fee for DACA or DAPA. Benefits include: build credit, learn personal finance and apply for Deferred Action. Participants take our online financial training class and build credit by making low monthly payments around $50/month for 10 months. As soon as participants are ready to apply for Deferred Action we give them a check made out to the U.S. Department of Homeland Security.
Security Deposit Loan: provides a zero-interest loan to help participants move into an affordable apartment. Benefits include: build credit, learn personal finance and get a zero-interest security deposit loan. In place of an upfront security deposit, we issue a voucher to qualified housing providers so renters can move in right away and build their credit scores at the same time. Renters make affordable monthly payments to fund the security deposit and the payments are reported to the credit bureaus. When they move to their next apartment, they bring with them a security deposit and an improved credit score – building a stronger foundation for their future.
Target Client Profile
Hardworking, low income individuals and families who may not qualify for traditional bank loans because of nonexistent or low credit scores.
Contact: Ximena Arias
Phone: (888) 274-4808