Friday, January 8, 2010

Borrow and Save Loan Program Helping People Bridge the Financial Gap

By: Ellen Frick, Outreach Coordinator, NHS of Baltimore

Back in September, Neighborhood Housing Services of Baltimore (NHSB) and the Baltimore Alliance for Economic Inclusion (BAEI) unveiled the Borrow and Save Loan program. The program allows individuals to borrow anywhere from $300 to $1000 which can be repaid over the course of a year, with no pre-payment penalties and borrowers must take a financial fitness class at NHSB and contribute a minimum of $5 per month to a savings account that is matched upon repayment of the loan.

This method of lending is meant to combat “Payday” loans which have extremely high interest rates and can lead to continuous cycles of debt. In Maryland, vendors can charge interest rates up to 36% for so called “cash advances” and “pay-day” loans- the interest rate for the Borrow and Save program is 7.99%. Program participants will be able to use this loan to improve their credit score while learning healthy financial principles. Thus far, the program has provided 79 low-to-moderate income families and individuals with more than $58,100 in loan money. Many of these participants have used the loan money to help them catch up on bills, pay utilities, or make repairs on their homes.

If you or someone you know is in need of a small dollar loan, consider applying for NHS of Baltimore’s Borrow and Save program. As a nonprofit, we’ll get you the money you need to bridge the financial gap in your life, while providing you with financial education for the future. Applicants will be considered on a first-come, first-serve basis.

Since this program is still in it’s pilot stage, only individuals residing within East Baltimore zip codes (21202, 21205, 21213, 21224, and 21231) are eligible. Call NHSB at 410-327-1200 for more information or to apply. Click here to download the application online.

6 comments:

  1. I am very pleased with the thought and don’t feel like adding
    anything in it. It a perfect answer.
    ====
    john
    ====
    Money

    ReplyDelete
  2. Hello Everybody,
    My name is Mrs Sharon Sim. I live in singapore and i am a happy woman today? and i told my self that any lender that rescue my family from our poor situation, i will refer any person that is looking for loan to him, he gave me happiness to me and my family, i was in need of a loan of $250,000.00 to start my life all over as i am a single mother with 3 kids I met this honest and GOD fearing man loan lender that help me with a loan of $250,000.00 U.S. Dollar, he is a GOD fearing man, if you are in need of loan and you will pay back the loan please contact him tell him that is Mrs Sharon, that refer you to him. contact Dr Purva Pius,via email:(urgentloan22@gmail.com)Thank you


    LOAN APPLICATION FORM.

    (1)Full Name:
    (2)Country:
    (3)State:
    (4)Address:
    (5)Sex:
    (6)Occupation:
    (7)Amount needed:
    (8)Loan duration:
    (9)Loan purpose:
    (10)Telephone

    Email Us:(urgentloan22@gmail.com)

    ReplyDelete
  3. Hello Everybody,
    My name is Mrs Sharon Sim. I live in singapore and i am a happy woman today? and i told my self that any lender that rescue my family from our poor situation, i will refer any person that is looking for loan to him, he gave me happiness to me and my family, i was in need of a loan of $250,000.00 to start my life all over as i am a single mother with 3 kids I met this honest and GOD fearing man loan lender that help me with a loan of $250,000.00 U.S. Dollar, he is a GOD fearing man, if you are in need of loan and you will pay back the loan please contact him tell him that is Mrs Sharon, that refer you to him. contact Dr Purva Pius,via email:(urgentloan22@gmail.com)Thank you


    LOAN APPLICATION FORM.

    (1)Full Name:
    (2)Country:
    (3)State:
    (4)Address:
    (5)Sex:
    (6)Occupation:
    (7)Amount needed:
    (8)Loan duration:
    (9)Loan purpose:
    (10)Telephone

    Email Us:(urgentloan22@gmail.com)

    ReplyDelete
  4. I really loved reading your blog. It was very well authored and easy to undertand. Unlike additional blogs I have read which are really not tht good. I also found your posts very interesting. In fact after reading, I had to go show it to my friend and he ejoyed it as well! why not try slick cash loan

    ReplyDelete
  5. Mr Benjamin went above and beyond their requirements to assist me with my loan which I used to expand my pharmacy business,They were friendly, professional, and absolute gems to work with.I will recommend anyone looking for loan to contact. 247officedept@gmail.com.WhatsApp ... + 19893943740.








    ReplyDelete