University Hope is a ministry that seeks to provide small rescue loans to those trapped in the predatory loan cycle. By working with a local credit union, UHBC is able to guarantee loans at low interest rates to pay off payday or title loans. A mentor is assigned to help when problems arise and to give advice on budgeting, finding community resources, or just being a friend in times of need.
To see if you qualify for potential help from University Hope, you will need to be able to check every item below:
___ I have a payday or title loan with interest of more than 36%
___ The total of all my payday or title loans are $1000 or less
___ I have sufficient income that I could make the payments on my reduced-rate loan
___ I would be willing to join the Educational Community Credit Union (cost $26; to join you must have a photo ID with current address or a photo ID with piece of mail showing your current address. You or a close relative must have attended school in SW Missouri, and you must have no closed bank account with a negative balance remaining.)
___ I would agree to a monthly meeting with a University Hope mentor
How can I benefit?
- The lower interest rate can lower my monthly payments dramatically
- By making regular on-time payments I can improve my credit rating, allowing me to meet future needs without resorting to payday or title loans
- When I repay the University Hope loan, the funds used to guarantee my loan will be used to help someone else
How do I get started?
- Review the above checklist to see if you meet all of the criteria
- Contact UHBC by calling the church office at (417) 862-0789
- Expect a call back from one of the University Hope volunteers to set up an interview
- Please have the contract or a statement from your lender showing:
- date and amount of original loan
- amount currently due
- interest rate being charged
- payoff amount on the date of your meeting with University Hope volunteers