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.