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Frequently Asked Questions

General Questions

Who is Axuda?

Axuda is a non-profit organization working to provide financial resources to individuals in our local communities who are struggling to meet their short-term financial needs. Axuda's goal is to provide a forum for Borrowers to tell their stories and then have their loan request crowdlended by Axuda Lenders. Once an Axuda loan is repaid, the funds will be used again to lend to other Axuda loan requests.

What is “Crowdlending?”

The term crowdlending is the practice of lending to a project or venture by raising many small amounts of money from a large number of people, typically online. In Axuda's case, a group of people that we call “Axuda Lenders” donate an amount of money of their choosing to Axuda and then direct this donated money to an “Axuda Borrower” of their choosing, who have requested short-term financial assistance.

What are Loan Requests?

Loan Requests are created by an Axuda Borrower who is looking to obtain financial assistance as approved by a Sponsor. An Axuda Borrower creates a Loan Request to provide Axuda Lenders with an understanding of why and how the funds would be utilized. Axuda Lenders can choose which Loan Requests they would like to help.

Who are Axuda Borrowers?

Axuda Borrowers are individuals with short-term financial needs that traditional lending programs cannot fill. Working with a Sponsor, an Axuda Borrower makes a Loan Request for up to $600. Once their Loan Request is funded, the Axuda Borrower repays the loan in equal monthly payments with a term of one year. An Axuda Borrower can also prepay the loan in full or in part at any time.

If you are interested in becoming an Axuda Borrower, you will need a Sponsor first. Learn more about Axuda Sponsors.

Who are Axuda Lenders?

Axuda Lenders are a little different from traditional financial institution lenders. The money you contribute to Axuda to help crowdlend loans is considered a charitable donation; however, Axuda Lenders directly choose where and how their donations are used. An Axuda Lender can choose which Loan Requests to allocate their funds to, and how much they want to lend to that particular Loan Request. As the Borrower repays their loan, the funds are returned to the Axuda Lender's account so that they can re-lend the funds to another Borrower's Loan Request.

Interested in becoming an Axuda Lender? Get started

Can I Make a Direct Donation?

Absolutely. All direct donations are put into the Axuda general fund where 100% of such contributions will be lent to current and future loan requests.

Make a Donation to Axuda

What is an Axuda Sponsor?

Axuda Sponsors are trusted organizations or businesses that have established a relationship with Axuda in order to work with Borrowers to help them apply for an Axuda loan. A Sponsor is typically an organization or business in the community that knows the Borrower, ensures that the Borrower's need is real, believes the Borrower has the ability to repay the loan, and helps them make an online Loan Request through Axuda's website. All Sponsors must go through an application process and be approved by Axuda. Axuda meets with all Sponsors to ensure that they understand their roles and responsibilities.

What areas do Axuda serve?

Borrowers located in communities served by a Sponsor are eligible for Loan Requests. At this time, organizations and businesses located in Central and Eastern Massachusetts, as well as Southen New Hampshire are eligible to be Axuda Sponsors. As we grow, we will expand to include additional communities.

How do I register for Axuda?

Click here to register or by clicking the “Register” link located at the top of the page.

How do I login to Axuda?

Click here to login or by clicking the “Log In” link located at the top of the page.

What do I do if I forgot my password?

Click here to reset your password.

What does Axuda mean?

Axuda is a Galician word meaning help, which reinforces our primary goal of helping our neighbors in need.

How do I contact Axuda if I'd like to make a donation by check?

If you'd like to make a donation to Axuda by check please make the check payable to Axuda, and mail to: 220 Donald Lynch Blvd., Marlborough, MA 01752

How do I contact Axuda if I have a general question or question about lending?

You may contact Axuda at info@axuda.org or by calling (508) 658-0150.

Borrower Questions

How can I become a Borrower and submit a Loan Request?

Generally, a Borrower must be at least 18 years of age or older, must be endorsed by a Sponsor, and must not have filed bankruptcy. Axuda Loan Requests are reserved for those who have a genuine need. If you have the ability to repay a loan, contact an Axuda Sponsor to discuss your situation and determine if you are eligible for an Axuda interest-free loan.

If the Sponsor determines that you are eligible, they will help you submit a loan request.

Do Axuda loans need to have a certain purpose?

No. The objective of an Axuda loan is for the funds to meet the short-term financial needs of an individual.

The following are only a few examples of Borrower's Loan Requests:

  • A person who recently completed job training, but does not have enough cash to cover the application for a professional license.
  • The first month's rent and security deposit for housing.
  • Help with daycare expenses for a person starting a new job until the paycheck starts.
  • Assist with car repairs in order for an individual to return to work.
  • Help to cover the cost of a furnace repair or replacement.

What happens if a Loan Request is not 100% funded?

A Loan Request will expire after 30 days. If the loan is not completely funded within the 30-day funding period, a Sponsor may allow the Loan Request to be disbursed with the partial funding accumulated if a minimum funding threshold is met. If the loan was not funded, the Borrower should meet with their Sponsor to discuss the next course of action.

How long does a loan request run?

A Loan Request is open for funding for 30 days. If the funding is fulfilled sooner, the Loan Request is closed and the funds for the Borrower are processed.

What are the terms of an Axuda loan?

  • An Axuda loan is an interest-free loan.
  • A Borrower may request up to $600 per loan.
  • Axuda loans have a repayment term of 12 months, or one year.
  • Payments are made in equal monthly installments.
  • A Borrower may only have one loan outstanding at a time.

How can a Borrower increase their fundraising speed?

Social media sites such as Facebook and Twitter are a terrific way to increase fundraising success by sharing your story with friends and family. There are share buttons on the “Loan Request Details” page that will let you share your Loan Request on your personal social media pages.

How do Borrowers receive the loan proceeds?

Once a loan is funded and has been processed, we'll electronically transfer the funds to the Borrower's checking or savings account at either a credit union or another financial institution. If a Borrower does not have and/or cannot obtain a banking relationship, the Sponsor should contact Axuda to establish options for alternative methods of receiving the funds. Sponsors may not accept loan funds or make loan payments on behalf of Borrowers.

What happens if you're having trouble repaying your loan?

If a Borrower finds that they are having trouble making their monthly payment, they should contact their Sponsor and let them know they need to make alternative arrangements. Borrowers can call the Axuda Collections Department at (508) 804-9568 to discuss their options.

How do I contact Axuda if I received a loan and have questions about loan payments?

Please contact our Axuda Collections Department at (508) 804-9568.

Sponsor Questions

What are the qualifications to become a Sponsor?

Sponsors are typically local reputable non‐profit organizations or businesses that are active in the community. Many organizations may already serve people or be a business who have employees who could benefit from an Axuda loan.

Are Sponsors responsible for the loan balance if it does not get repaid?

No. Sponsors are not co-signers and are not financially responsible for the funding or repayment of an Axuda loan.

How does Axuda select Sponsors?

All Sponsors must go through an application process and be approved by Axuda. Axuda meets with all Sponsors to ensure that they understand their roles and responsibilities. Axuda typically partners with organizations or businesses that are active and reputable in the communities they serve.

What is a Sponsor's role within the Axuda loan process?

Sponsors help identify potential borrowers with short term financial needs, vouch that the potential borrower's need is real, and that they have a source of repayment. Additionally, Sponsors are a resource of financial counseling and ongoing support.

What happens to the Sponsor if a borrower he/she endorsed doesn't pay back a loan?

Sponsors are not financially responsible for repayment in the event a Borrower doesn't repay a loan. However, Lenders rely on the reputation and track record of the Sponsor(s) when choosing which loan requests to lend to.

How does an organization apply to be a Sponsor?

Organizations or businesses interested in applying to become an Axuda Sponsor should start by applying here.

Lenders Questions

Why would I become a Lender?

The money you contribute to Axuda to help crowdlend loans is considered a donation. What makes Axuda different is that an Axuda Lender's donated funds stay in their own profile account to lend at their discretion. An Axuda Lender can choose which Loan Request(s) to allocate their funds to, and how much they want to lend to that particular Loan Request giving them control over their donated funds. As the Borrower repays their loan, the funds are returned to the Axuda Lender's account so that the Axuda Lender can re-lend the funds to another Borrower for another loan.

How do I lend to a loan request?

It's easy. You'll first have to create a user profile and register with Axuda. Once registered, deposit a minimum of $20 into your Axuda account. Then simply search for a loan to fund - and lend to it!

What happens when Borrowers repay their Loans?

As the Borrower repays their loan, the funds are divided up equally and returned to the accounts of each of the Axuda Lenders who originally funded the Loan Request. For example, if the Borrower makes monthly loan payments of $24 and four Axuda Lenders funded the loan, each Axuda Lender will have $6 returned to their Axuda accounts every month. As funds return to the Lender's account, they can choose to re-lend these funds to another Axuda Borrower.

What due diligence is done on Axuda Borrowers?

Axuda works closely with Sponsors who vouch for the Borrowers' character and ensures the need is real. We'll also verify the Borrower's identity based on the information supplied in the application process. An Axuda Borrowers' performance on their loan(s) will also affect their eligibility for future Axuda Loan Requests.

Are the funds I lend tax-deductible?

Yes! Axuda is a 501(c)(3) non-profit organization (EIN: 47-1363421) and donations to Axuda (including loan funds) are tax deductible to the extent permitted by law. Because Axuda does not return the funds you add to your Axuda account, lending with Axuda is considered a donation and is tax-deductible to the extent permitted by law. Please consult with your tax accountant or financial advisor for additional information on tax deductions.

Can I donate to Axuda instead of lending to particular Borrowers?

You sure can! You can make donations directly to Axuda and we'll make sure that 100% of the money goes to Axuda Borrowers.

How much can I donate?

You can deposit from $20 to $2,500 per transaction. There is no limit to the balance in your Axuda account.

Are my donations to Axuda tax-deductible?

Yes, Axuda is a 501(c)(3) non-profit organization (EIN: 47-1363421) and donations to Axuda are tax deductible to the extent permitted by law. Please consult with your tax accountant or financial advisor for additional information on tax deductions.

Can I withdraw my account balance?

No, all funds contributed to Axuda, including loan funds, are considered donations. What makes Axuda different is that an Axuda Lender's donated funds stay in their own profile account to lend at their discretion. An Axuda Lender can choose which Loan Request(s) to allocate their funds to, and how much they want to lend to that particular Loan Request giving them control over their donated funds.

How do I close my account?

In order to close your Axuda account, simply inform us in writing that you wish to close your account and we will take care of moving any remaining funds in your account into the Axuda general fund which goes directly to helping Axuda Borrowers.

Are there fees associated with being an Axuda Lender?

No, there are no fees associated with being an Axuda Lender. As an Axuda Lender, 100% of your donated funds will be applied to the Borrower's specific Loan Request(s).

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