Savings Collaborative

“My mom got hospitalized and I used my entire savings to take care of her. So, I took out a loan to cover that. I didn’t realize how high the interest rates were and got way behind. I constantly dread about debt... It’s reassuring to know there are people out there who will help you.” - Christina, Savings Collaborative Client. Christina took out a predatory loan of $685 to cover expenses while taking care of an ill mother. The interest rate was 665%. Savings Collaborative renegotiated a 6% loan for her.

Until she started saving with us, Alma kept $6,000 in a box under her bed. She brought her money to the Savings Collaborative, where it was safe, and it began to grow as it earned interest. She continued saving and was able to gather enough for a down payment on a house.

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Research consistently shows that 37% of all Americans can only cover an emergency of $400 if they go into debt. In the communities we serve, that number is closer to 60%. A stable financial foundation is a fundamental strategy for fighting poverty in our communities. We offer different entry points and on-ramps to help clients along their wealth-building journey.