Lending Circles/Tandas

Lending Circles/Tandas

The program provides a safe way to create and build credit and savings.

Through non-profit partnership with Mission Asset Fund we offer Lending Circles; a social practice that has been formalized for those that don’t have access to mainstream financial loan products in credit-unions or bank. The Lending Circles Program, offered through a non-profit partnership with Mission Asset Fund at El Centro de la Raza, provides an opportunity for individuals without access to mainstream financial loan products to borrow money and build credit. 

Lending circles, a centuries-old concept found in cultures worldwide, involve a group of people pooling money and giving it to one member, often interest-free, to help cover expenses. Participants can utilize lending circles to raise funds for various needs, such as down payments or small-business investments with a 0% interest and 0 commission.

Additionally, by participating in lending circles, individuals can build their credit scores, enabling them to access financial products like loans and credit cards with lower interest rates. The program requires demonstrating a source of income and manageable debt to participate. Lending circles offer an affordable alternative to traditional borrowing options, making them an attractive option for those seeking to improve their financial stability and access to credit. 

Eligibility Requirement

  • 18+ years old
  • Personal email account
  • Valid photo I.D.
  • SSN or ITIN
  • Checking account
  • Income (e.g., wages, benefits, etc.)

Program Managers

Janet Torres Garcia headshot

Janet Torres Garcia, Housing Counselor

Janet is a HUD-Certified Counselor who is certified in the Foundations of Foreclosure Prevention, Foundation of Pre-Purchase, and The Psychology of Money. Janet’s mission has always been to help individuals overcome their challenges through financial literacy, housing counseling, and education. Janet is also the Financial Empowerment Coordinator and can help you get connected with homebuyer education classes offered once every quarter and “Tandas” or Lending Circles program to help improve your credit and savings.

For more information or to get involved, contact Janet!

Frequently Asked Questions

How does it work?

  • Apply Online- Submit an application at LendingCircles.org and complete survey and 1 financial education series or 5 financial education modules.
  • Join a Lending Circle- Attend a formation to meet people in your community and finalize circle details
  • Pay & Build Credit- Make all your payments on the 17th of each month to establish or build credit
  • Get Lour Loan- Receive your loan on the 25th of your designated distribution month

How does Will this help me?

  • Give you access to a 0% interest social loan
  • Establish and build your credit
  • Increase your financial knowledge
  • Know your money is safe
  • Meet new people and save together

When will it appear on My credit report?

May take 3-6 months to appear on credit reports and will appear as “MISNASSETFUND”