LANSING, Mich. (WLNS)—Habitat for Humanity of Michigan announced its subsidiary, Fair Lending Services, has a lending license offering small-dollar loans they began administering to Michiganders in May.
They are currently accepting applications.
The mission of Fair Lending Services is to provide consumer loans and services to help people with low and moderate incomes who are struggling financially.
“We are one step closer to achieving our goal of becoming a Community Development Financial Institution (CDFI),” says Sandy Pearson, President, and CEO of Habitat for Humanity of Michigan. “Which will help us create a pipeline of consumers looking to improve their financial stability and possibly work their way towards homeownership, whether through Habitat for Humanity or a traditional mortgage.”
Fair Lending Services partnered with NeighborWorks America to launch this effort.
“NeighborWorks America was pleased to provide funding to support this program’s development and Habitat for Humanity of Michigan’s ongoing efforts to provide opportunities for individuals and families in Michigan to improve their lives and eliminate barriers to financial stability and safe, affordable housing,” said Katie Watts, senior vice president of Field Operations at NeighborWorks. “The approval of this lending license is just one way that Habitat for Humanity of Michigan will continue to persevere and create innovative solutions to address those barriers, and ensure Michiganders have access to the tools they need to succeed.”
Consumer loans of up to $1,500 with an annual APR of up to 24 percent. The goal is to help families pay their mortgage and higher-priced debt.
For more information to apply for a loan contact (517)485-1006 X 115.
CORRECTION: We have made some factual corrections to this article, and we are extremely sorry.