NEWARK, N.J., Aug. 18, 2020 /PRNewswire/ -- MoCaFi ["Mobility Capital Finance"], a Harlem and Newark (NJ) based African American-owned fintech, has partnered with African American-led, Atlanta-based affordable housing developer Quest Communities, to offer low-cost loans to assist renters with their rent payments. The program was launched in late June exclusively for renters in Quest Communities and Westside Atlanta and provided up to $2,000 for rent only.
"With the temporary federal and state provisions that have benefited low-income and working-class Americans during the pandemic reaching their expiration date, we understood that it would be incumbent upon well-intentioned corporations to assist disenfranchised communities," said Wole C. Coaxum, Founder, and CEO of MoCaFi. "Residents in the Westside Atlanta region will agonizingly feel these lapses – in addition to unemployment and disproportionately higher coronavirus infection rates. Our rent relief program will help Quest residents to remain in their homes. At the same time, they will be able to focus on managing as the pandemic continues to affect our communities – particularly, communities of color."
Applicants can apply for a loan that covers up to two months of rent payments or the loan amount maximum ($2,000). The applicant will be approved for the lesser amount of the two. The loan term is 24 months. The loan is priced at 5 percent APR. If approved, proceeds from the loan will be paid directly to the tenant's landlord to cover the monthly rent payment. To date, more than two dozen renters have taken advantage of this program.
"MoCaFi's Rent Relief Program exemplifies the type of social impact that will support those who have been left behind, continuously, through one of the world's most traumatic events," said Leonard Adams, Founder, and CEO of Quest Communities. "Many Quest communities are in neighborhoods that are underinvested and have been underserved for decades. Currently, they are positioned for gentrification, with many "legacy residents" facing displacement. This partnership speaks to how corporations and even startups can stand in the gap for at-risk citizens."
MoCaFi recently launched an upgraded banking platform with features and services designed to address financial inequality in Black, Hispanic, and historically disenfranchised communities. They are committed to providing financial assistance for the more than 50 million Americans who are unbanked or underbanked across the nation. Quest Communities tenants who apply for loans will also have an opportunity to apply for a MoCaFi Mobility Banking account. The account offers a MoCaFi Mobility Debit Mastercard, which provides access to no-charge ATM withdrawals and options on how to load funds, in addition to Tap & Go® contactless payments, mobile wallet functionality, and advanced security features such as Mastercard ID Theft Protection™.
Additionally, loan applicants may want to take advantage of MoCaFi's credit building feature that allows users to pay rent from funds on their MoCaFi Mobility Bank Account and opt in to have those payments reported to Equifax and TransUnion as a tool for building their credit score.
"During these challenging and troubling times, the Equifax Foundation remains a steadfast supporter of our key community partners, including Quest, Mobility Capital Finance and others," added David Stiffler, President, Equifax Foundation and CSR Leader. "Our focus in Atlanta centers on helping vulnerable consumers and communities live their financial best through greater access to products, services, and supportive measures designed to bring them into the financial mainstream and protect them once they arrive. It's impossible to do this if a person or a family lives in fear of eviction or does not have a home. Our partners and this initiative help people have a home."
For any questions about the loan, interested Quest Communities and Westside Atlanta tenants should email [email protected] or contact customer service at (800) 342-7374 for further details.
About MoCaFi [Mobility Capital Finance, Inc.]
Mobility Capital Finance, Inc. (MoCaFi) is an African American owned fintech serving Americans who exist in the economic margins as unbanked or underbanked. MoCaFi is addressing the market failure in the banking industry by reimagining financial services for individuals to ensure that all Americans have access to safe, secure, and affordable financial products and services.
About Quest Communities
Quest is committed to the development of affordable housing and to providing needs-based community services to enhance the quality of life for underserved individuals and families.