Lend a Hand system helps Arizonans pay back vehicle name loans
Four community-focused businesses are establishing an application to save Maricopa County residents struggling to repay high price name loans and help hook them up to a road to healthier credit and monetary success.
This system is called “Lend a Hand,” and it is on offer via a partnership involving the Arizona Community Foundation, MariSol Federal Credit Union, the Phoenix IDA, and just take Charge America.
Based on the customer Federation of America, Arizona could be the seventh many concentrated title loan market in the united kingdom. In its report, “Wrong Method: Wrecked by Debt,” the Federation also states any particular one in six title loan borrowers in Arizona encountered repossession of these vehicle and associated fees averaging 1 / 2 of the borrower’s loan debt that is outstanding.
“Individuals across our community are dealing with what exactly is known as a financial obligation trap. They get caught in a vicious borrowing period of excessive rates of interest, exorbitant charges, and impractical loan terms,” said Juan Salgado, Phoenix IDA director that is executive. Read More →