Broadway Bank is a key lending partner offering borrowers low-interest multi-month loans. Broadway also offers each applicant a personal banking relationship and the benefit of improving credit scores through timely loan repayment. Donor contributions collateralize each Freedom Loan making low interest multi-month loans possible.
"The Freedom Loans guidance program is an outstanding financial literacy ministry available to income challenged borrowers in Texas"
Community Reinvestment Officer- Comerica Bank
Freedom Loans are available by online application only. Borrowers are referred by charities, employers and donors who partner to rehabilitate the creditworthiness of borrowers caught in a payday loan trap of escalating debt. Our mission is to guide motivated borrowers to build a bridge from debt to financial freedom.
Relationships are at the heart of every Freedom Loans success story. Donors interested in reinvesting in our communities make each Loan possible. Freedom Guides, volunteers who serve borrowers as mentors
compassionately provide weekly support to help borrowers build their
bridge to financial freedom.
Qualification is based upon the capabilities of motivated borrowers to repay their Freedom Loan. A Freedom Guide works with each borrower to evaluate their existing sources of income, and determine their ability to repay the loan if payments are extended and interest costs are dramatically reduced.