FORWARD MEMPHIS
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Mission Statement
Interrupting generational cycles of predatory lending by providing affordable emergency financial assistance to working class Memphians through trusted hands on guidance and sustainable solutions.
About This Cause
Over 50% of Memphians have credit scores below 633 and less than $400 saved for emergencies. This reality has many Memphians locked out of traditional banking systems and forced into payday loan rates as high as 459% when they are facing a financial crisis. Memphis has 114 predatory loan stores. That’s more than any other US city per capita. These stores are almost exclusively in historically marginalized communities and intentionally prey on the most vulnerable parts of Memphis. In 2023, Forward Memphis collaborated with First Horizon Bank and HOPE Federal Credit Union (CDFI) to establish a loan loss reserve fund in order to provide loans made to participants in Forward Memphis’ Freedom Loan Program. Forward Memphis offers a trusted, sustainable, and affordable alternative to payday lending. We provide a pathway out of predatory lending through free one on one coaching and access to up to $2500 through a Freedom Loan program (10% APR repaid over up to 2 years) and up to $2500 in Freedom Grants. In our first year after launching, we have served 352 families and granted nearly $90,000, which equates to well over $413,000 in savings for our clients when compared to what they would pay with typical predatory loans.