Four community-focused companies are establishing an application to save Maricopa County residents struggling to repay high expense title loans and help hook them up to a road to healthy credit and economic success.
This system is called “Lend A hand, ” and it is to be had by way of a partnership involving the Arizona Community Foundation, MariSol Federal Credit Union, the Phoenix IDA, and take control America.
In line with the customer Federation of America, Arizona may be the 7th many title that is concentrated market in the united states. In its report, “Wrong Method: Wrecked by Debt, ” the Federation also states this one in six title loan borrowers in Arizona encountered repossession of these vehicle and associated charges averaging 1 / 2 of the borrower’s outstanding loan financial obligation.
“Individuals across our community are dealing with what’s known as a financial obligation trap. They have caught in a vicious borrowing period of excessive interest levels, exorbitant costs, and unrealistic loan terms, ” said Juan Salgado, Phoenix IDA executive manager. “The provide a Hand loan system is an alternative solution for individuals who need assist paying down their loan to prevent losing their vehicle, destroying their credit, or even worse, ” Salgado proceeded. (more…)