Resource 1 Credit Union is the Mini Loan Program’s newest banking partner. We processed our first loan through them in June. The MLP participant is the director of an early learning center in South Dallas. She had been paying on a title loan for over a year, and her monthly payments were $850. All of those payments were fee and interest charges only with nothing going toward her principal balance.
The Mini Loan Program stepped in to help. She was approved for our maximum loan of $4,000. Her monthly payments are now ONLY $355, and the loan will be paid off in full in 12 months. $335 of the loan payment will go directly off the principal balance each month.
Our loan particpiant now has a credit union membership, and she is on the road to financial recovery. When she pays her MLP loan off successfully, thus establishing solid membership history, she will have affordable loan options available to her through the R1 credit union.
We are thrilled with this new partnership that enables us to support our vulnerable neighbors in need, and leads them down a path of financial stability. If you would like to financially support our Mini Loan Program, please consider donating here.