Mission Asset Fund

The Problem:

Over 65 million Americans lack credit scores and 17 million do not have bank accounts. Without these tools, “credit invisibles” are locked out of the financial system, making basic transactions costly or impossible. As invisibles, these consumers struggle to rent apartments or access low-cost loans or credit cards. Predatory lenders and high-cost fringe establishments take advantage of this limited access, preying on the credit-starved population by charging excessive fees and interest rates.

Our Solution:

In 2008, MAF introduced Lending Circles, a zero-interest social loan program that helps low-income people build credit and assets. Acclaimed for its impact, our model has helped 5,000 participants access $5 million in loans, empowering them to build credit and save.

Our concept is simple: people lend and borrow money to one another, only with a FinTech twist. By weaving age-old tradition with technology and credit reporting, we help people establish or build credit while giving them a fighting chance to rebuild their financial lives.

Once the doors of financial opportunity spring open, families begin reaching goals of starting businesses, eliminating debt, applying for citizenship - and beyond. In partnership with 53 nonprofits, Lending Circles is now offered in 18 U.S. states including Washington D.C.

Impact 

5,455 social loans
$5.04 million in loans
$1.02 million saved in interest & fees
168-point average increase in credit score
99.3% repayment rate

 What Others Say About Us

"Google and Mission Asset Fund have a shared vision of creating opportunity for low-income families. We've seen the Lending Circles social loan program help people build financially stable futures and are thrilled to support their work in the San Francisco Bay Area, and beyond,”

     -Jacqueline Fuller, Google.org

"What I found awesome and ingenious about Mission Asset Fund's idea is that they were taking something that already existed. And they adapted around those behaviors through technology and education and advocacy to then make it part of the financial mainstream.”

     -Cheryl Porro, Salesforce Foundation

Join Us Today!

Your gift will help hardworking families across the Bay Area access zero-interest social loans so they can save for college, start businesses, and apply for citizenship - while building credit for the future.