Borrow Money and Save Money Through One Ingenious Program

Borrow and Save is a small dollar loan program benefiting low-and-moderate income individuals and families. Introduced by the National Federation of Community Development Credit Unions, Borrow and Save increases economic security for people by providing small dollar loans with payment terms that are affordable.

Unlike payday loans, which must be repaid in full at the borrowers next payday or “rolled over,” for a fee, people make affordable monthly payments. The program includes a built-in savings component and also enables people to save and self-fund their emergencies instead of borrowing money to handle them.

This affordable alternative to payday loans and title loans helps improve people’s opportunities and provides a path to financial freedom. It breaks the chains of predatory lending.

As always, it is important to look at your overall financial situation before you agree to any loan. Review your budget to determine if the new payment will fit in normal monthly bills and ask the credit union about options to automate payments. Automating payments helps to ensure you do not miss any deadlines and you keep you payment history in good standing.

To learn more about the program, find your credit union’s location below and contact a Member Services Representative. If you do not see a credit union listed near you, contact the National Credit Union Administration to locate one.

• Credit Union 1 in Anchorage, AK
• SkyOne Federal Credit Union in Hawthorne, CA
• Seasons Federal Credit Union in Middletown, CT
• North Side Community Credit Union in Chicago, IL
• Carter Federal Credit Union in Springhill, LA
• Communicating Arts Credit Union in Detroit, MI
• Lake Trust Credit Union in Lansing, MI
• Hope Credit Union in Jackson, MS
• Guadalupe Credit Union in Santa Fe, NM
• 1199 SEIU Federal Credit Union in New York, NY
• Urban Upbound Federal Credit Union, in Long Island City, NY
• Freedom First Credit Union in Roanoke, VA
• Southwest 66 Credit Union in Odessa, TX
• Peninsula Community Federal Credit Union in Shelton, WA

Published Jun 11, 2015.