Borrow and Save

OUR BORROW AND SAVE PROGRAM IS NOW CITYWIDE!
The Borrow & Save program is designed to help borrowers break the continuous cycle of borrowing from Pay Day Loan vendors and move toward healthier savings. Through this program it is our goal to get customers/clients on the right track to healthy banking through saving and asset building. The recipient of the loan will receive a $5 match per $5 they deposit into their savings account on a monthly basis.
Eligibility:

• MUST BE A BALTIMORE CITY RESIDENT
• Must be employed
• Must have direct deposit
• Must reside at or below 80% of the Area Median Income (AMI)
• Subject to credit and affordability

Terms:

• Minimum loan amount is $300
• Maximum loan amount is $1,000
• Interest rate is 10.99%
• No pre-payment penalites
• Must be willing and able to pay the loan back over 12 months or sooner
• Must be willing to participate in credit counseling and financial fitness education

When Applying, Remember to Bring With You:

• The application form (filled out)
• Two forms of legal identification (driver’s license, social security card, immigration documentation...)
• Two recent pay stubs
• Voided check for automatic payment debit
• Recent bank statement
• Two bills with current address (utility, phone, cable…)
• credit fee of $6 (click here to pay credit fee online)

Qualified applicants for this program will be considered on a first come first serve basis. Click here to download the application. Borrow and Save Application (Engish).pdf

The Borrow and Save Loan Program is funded by the Baltimore Alliance for Economic Inclusion (AEI), a local coalition made up several financial, banking and non-profit institutions, including the Baltimore Federal Deposit Insurance Corporation (FDIC), Bank of America, BB&T Bank, Catholic Campaign for Human Development, 1st Mariner Bank, Hamilton Federal Bank, M&T Bank, Municipal Employees Credit Union of Baltimore, Inc. (MECU), SunTrust Bank, Wachovia Bank and Neighborhood Housing Services of Baltimore, Inc. The Baltimore AEI is apart of a national initiative created by the FDIC to establish broad-based coalitions of financial institutions, community-based organizations and other partners to bring all unbanked and underserved populations into the financial mainstream.  Led by the FDIC, Baltimore AEI was formed in 2007 to expand banking services for underserved markets.  The coalition identified short term, emergency loans as its first deliverable.
To learn more about the Baltimore AEI and other initiatives it is currently pursuing, click here