Lend a Hand loan program
The Lend a Hand loan program aims to assist Maricopa County residents struggling to pay off high cost title loans and help put them on a path to healthy credit and financial success.
This is accomplished by providing an alternative loan with favorable terms for the borrower that pays off the borrower’s title loan debt, providing credit counseling, and establishing a banking relationship that will benefit the borrower in the long term.
The Lend a Hand loan program is provided through a partnership between the Arizona Community Foundation, MariSol Federal Credit Union (MFCU), the Phoenix IDA, and Take Charge America (TCA).
Here’s how Lend a Hand works:
- If you have a car title loan, download an application, and review eligibility requirements at www.takechargeamerica.org/lendahand.
- Once you submit the application, call 1-877-822-2410 and schedule a free, confidential credit counseling session with Take Charge America. During the session, a credit counselor can help you develop a budget and create an action plan to eliminate debt and save for the future.
MariSol Federal Credit Union will review each application for eligibility and if you qualify, MariSol will pay off up to $4,000 of the outstanding car title loan(s). MariSol will then convert the amount paid off into a new lower-interest loan with better repayment terms. MariSol will also help you establish a savings account for future emergencies by requiring an initial savings deposit of $25 plus an additional $10 savings deposit with each monthly loan payment.