University Hope, the ministry to rescue people from payday and title loans, is expanding. The new addition to the work is called: “University Hope – TelComm Credit Union.”
For two years University Heights Baptist Church has led a program to get people out of the predatory loan trap. This has been accomplished by providing donated funds as security to the credit union to guarantee payment of low-interest loans made through the Educational Community Credit Union. To date, about $45,000 has been contributed to the work, and 42 families have been served.
In the process of helping people escape from payday loans, it became apparent the Springfield area needed more options to assist those with needs BEFORE they turned to exploitative payday and title loans.
The expanded program to address the financial issues leading up to payday and title loans has launched in cooperation with TelComm Credit Union as of June 28, 2017. TelComm CU/University Hope are providing loans at a lower interest rate than those of predatory lenders which may charge 300% - 400% interest. University Hope will assist persons who have a particularly urgent need such as an urgent medical expense, car repair or other essential costs with a loan ranging from $500 to $750 depending on the need as determined by University Hope volunteers. Recipients of these low-interest loans will also be assigned a friend/mentor to stay in contact with them on a regular basis as a support system and partner moving forward. Recipients will also be offered free budgeting and financial management classes.
Persons in need of this low-interest loan assistance to avoid turning to payday and title loans should email firstname.lastname@example.org or contact the office of University Heights Baptist Church at 417-862-0789 during business hours and ask for a University Hope representative.
We look forward to working together with TelComm Credit Union as we expand our University Hope ministry.