How does Mission Asset Fund work?

MAF (Mission Asset Fund) is a nonprofit on a mission to create a fair financial marketplace that works for everyone. Our national network of over 50 Lending Circles providers brings zero-interest, credit-building loans to thousands of people across the country.

How do I apply for a MAF?

Log into your MAF Account: Once your account has been set up, log into your MAF account here – https://maf.force.com/lendingcircles/NCALoginPage. Click on the “Start Immigrant Families Recovery Application” button and complete the application.

What is MAF immigration?

MAF’s immigration loans are zero-interest loans that cover the cost of several USCIS filing fees. Here are some highlights of the program: Get a 0% interest loan to cover your immigration application fee(s) Make low monthly payments. Build your credit history.

How does a lending circle work?

A lending circle is a centuries-old concept whereby a group of people, usually family or friends, regularly pool a specific amount of money and give it to one member of the group. They’re customary in cultures around the world and known as tandas, susus, cundinas or hui, depending on where you go.

What are some disadvantages of a lending circle?

Lending circles aren’t as helpful for borrowers who need immediate cash or steady access to an available line of credit. If it’s not your turn to collect the monthly payout, you won’t have access to lending circle money—but you’ll still owe your monthly contribution.

Can I buy a house if I am not a permanent resident?

If you’re a non-permanent resident seeking an FHA mortgage, you have to use the home as a primary residence and supply a valid Social Security number and Employment Authorization Document. This means that the agency does not extend mortgages to non-residents just planning to use the home occasionally.

Can I get a loan without permanent residency?

Yes! Whilst many lenders will not lend to you there are a good number that will at normal standard interest rates. Thats right, you will not be paying more because you do not hold permanent residency. The key to getting approved is simply applying with the right bank and that is where MAP can help.

What are some advantages of a lending circle?

A lending circle loan can help you build credit by: Adding accounts (also known as tradelines) to your credit report so you can become scoreable. Reporting loan payments that show a positive payment history. Paying all your bills on time is the single best way to improve your credit score.

What are credit builder loans?

A credit-builder loan is different from a traditional loan. With a traditional loan, you might receive money you’re borrowing upfront and pay it back over time. But with a credit-builder loan, you make fixed payments to a lender and then get access to the loan amount at the end of the loan’s term.

Is Funding Circle in trouble?

After two years of the platform being paused for new investment from retail investors as we navigated and adapted to the Covid pandemic, we have taken the decision to permanently close the retail platform for new investments.