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Lend a program that is hand Arizonans pay back automobile name loans

Friday, March 13th, 2020

Lend a program that is hand Arizonans pay back automobile name loans

Four community-focused companies are starting an application to save Maricopa County residents struggling to repay high price name loans and help hook them up to a way to healthier credit and economic success.

This program is called “Lend A hand, ” and it is to be had by way of a partnership involving the Arizona Community Foundation, MariSol Federal Credit Union, the Phoenix IDA, and take control America.

Based on the customer Federation of America, Arizona could be the 7th many title that is concentrated market in the nation. With its report, “Wrong Way: Wrecked by Debt, ” the Federation also states this one in six title loan borrowers in Arizona encountered repossession of the automobile and associated charges averaging 50 % of the borrower’s outstanding loan financial obligation.

“Individuals across our community are dealing with what exactly is called a financial obligation trap. They have caught in a vicious borrowing cycle of excessive interest levels, extortionate costs, and impractical loan terms, ” said Juan Salgado, Phoenix IDA director that is executive. (more…)