Finances
BRINGING LENDING CIRCLES TO SAN DIEGO
A community-based solution to living in the financial shadows
Whether it is getting a car , renting an apartment , or starting
a business , having good credit is foundational for financial mobility in the United States . According to the Consumer Financial Protection Bureau , approximately 26 million Americans are credit invisible - lacking any credit history - and another 19 million lack sufficient credit history to warrant a score .
By leveraging people ’ s own strengths and innovations , San Francisco-based nonprofit Mission Asset Fund ( MAF ) helps people who are credit invisible step out of the financial shadows . MAF ’ s signature Lending Circles program formalizes the time-honored tradition of people coming together to lend and borrow money together . In Mexico , lending circles are known as tandas or cundinas . In Brazil , they are known as panderos . And in many parts of Asia , they are known as hui .
Lending Circles bring community members together to form zero-interest , rotating social loans . Paired with financial education and other tech-based tools , Lending
Circles help people establish and build credit , save money , and pursue their financial goals . Lending Circles are formed between 6 to 12 people , and payments range from $ 50 to $ 200 a month . Each month , the money
64 GBSAN . COM | NOVEMBER 2020