Axuda is a non-profit, online community that makes it possible for people with an unforeseen, important financial need to get a small, interest-free loan Axuda uses the power of “crowd lending”.
So when a large number of generous people make charitable contributions of as little as $20 dollars, it adds up to a generous pool of money And that money can then make a big difference in many people’s lives. Why is Axuda’s mission so important? A recent Federal Reserve study revealed that 75% of Americans live paycheck to paycheck and 53% cannot afford a $400 dollar emergency expense. So these individuals are forced to rely on high-interest credit cards, pawn shops, check cashing facilities, or foregoing the expense altogether. Axuda represents a much better, and much-needed alternative.
How does Axuda work? By bringing together three groups of people in the community: lenders, sponsors, and borrowers. Axuda lenders are people in the community who want to help others and want to be philanthropic. With Axuda, they can make a charitable, tax-deductible donation of as little as $20 dollars. A donation of any size makes a great impact. Your donation can go into the Axuda general fund, or your donation can be connected to your own Axuda account, which allows you to choose which specific loan requests you want to fund, and in what amounts. As a loan is repaid, the money is returned to your Axuda account so that your original donation can be used again and again to fund additional loans.
Axuda Sponsors are reputable organizations that can help identify individuals in the community who have a financial need that an Axuda loan could help address. Sponsors are in a position to validate their need for a small loan and help connect them to Axuda. It’s another meaningful way to support people in the community. Axuda borrowers are people who need a small loan in order to pay for an unforeseen, important expense. It could be anything from a car repair that will allow them to keep working, to a security deposit for housing or the cost of a recent emergency room visit.
Borrowers need to submit a loan request through an Axuda sponsor organization. Then their loan request story will be posted on the Axuda website for up to 30 days. If you’re interested in becoming a lender, a sponsor or a borrower or in learning more about Axuda, please visit axuda.org or email [email protected]