Artist Pinqy Ring Shares her Story of Receiving a JFLC Free Loan

Marisol Velez, 37, also known as the rapper Pinqy Ring, found herself in mounting debt in the months following the pandemic. Like many creatives in this era, not being able to book new work increased financial instability in her life. She did not qualify for many other loans and her situation was made worse by predatory lenders.

This cycle of debt leaves so many borrowers feeling ashamed about their situation. And convoluted loan processes and predatory lending add to this trauma and pain, with interest compounding the debt that they already have. 

At JFLC, we believe that our community deserves better. That’s why we’re reimagining the lending process, offering loans free from interest and, ultimately, free from the judgment and systemic marginalization that so many financial systems promote.

Now, Velez is busy with bookings and thriving, having received a free loan from JFLC to help cover expenses as her career recovered. Read her full story below.

Tell us about yourself. 

My name is Marisol Velez and I go by the artist name Pinqy Ring. I am a Chicago-born and raised Puerto Rican woman rapper, speaker, hip hop educator, revolutionary, writer, mental health advocate, and Hip Hop Cultural Ambassador. I am a professional truth teller and pride myself in sharing my story while uplifting divested and marginalized communities. I love to travel, visit museums, try new food, and be near any body of water in order to come back to myself and center my joy. 

To the extent to which you feel comfortable, please share with us your reason(s) for applying for a JFLC loan. 

As a musician, social impact artist, and entrepreneur, income often fluctuates and depends on the jobs and opportunities you receive. The reason I applied for a JFLC loan was because I hadn't booked work for three consecutive months, so bills and debt were piling up. Those in the creative sector were highly impacted by the pandemic, and all of those factors contributed to financial insecurity in my life that I am working to mend.

Thanks to JFLC, I was able to catch up on rent and focus on seeking out contract work. I am currently busy, booked, and blessed — and so grateful for this help.  

How did you find out about JFLC? 

I found out about JFLC through a friend and colleague. I did a program called the Civic Actor Studio at the University of Chicago and reached out to our Civic Actor group chat when I was at my lowest moment to ask for help. That is not something I typically do — ask for help — but this is a group I practiced deep vulnerability with and knew they would be the perfect sounding board and safe space to try. After an outpouring of support, staff from the Civic Leadership at University of Chicago shared resources to help me get back on my feet. Among those resources was JFLC, and the rest was herstory.

What was the process of applying for a JFLC loan like? How did the process make you feel?

The process was incredibly easy and made me feel so hopeful. There are so many places that say they are for the people or doing the work, only to make already traumatized and marginalized people jump through hoops for funding resources and opportunities. After being denied a grant just a few days before my interview with JFLC, I was feeling extremely pessimistic about help being on the way. During my interview, while I was detailing my debt, one of the loan committee members suggested that we all took a moment to breathe. As I inhaled deeply, the tears came pouring down and I knew there was a lot of pain and shame around money that I needed to release. Following that, the loan committee member shared her story of also feeling like she was drowning in endless debt at one point, and then switched her camera off to show her profile picture. There she was, beautiful and glowing, on her wedding day that, as she shared, she paid for in cash. This made me feel incredibly seen, and gave me the hope I needed in that moment. I will never forget the kindness and compassion JFLC showed me, and most importantly — the lack of judgment. 

Who served as your guarantor? How did you choose that person, and how did you have that conversation with them? 

My guarantor was my father, and the conversation was really a culmination of conversations. Both he and my mother have witnessed my struggles and successes, and knew that I had been having a hard go at life. They found it almost impossible to believe that this loan existed and was legitimate, and were more than happy to help me in any way they could. For as long as I can remember, my parents didn't support my artistic endeavors. Mostly for reasons such as this, the instability of income and the constant disappointments. But now they are my biggest fans, and after my interview with JFLC, my father could not be more proud of how I advocated for myself and told my truth with dignity and power. 

Did you research any alternative options for a loan/access to funds, and if so, why did not not go with those? 

I did research other options, but my credit score was quickly declining, and my debt to income ratio was too high to apply for any reasonable loan. I had previously applied for and received a loan through PayPal which turned out to have extremely high interest, and was draining any income I was receiving. The 0% interest at JFLC is really a game changer in helping people to climb out of the problematic and predatory nature of debt. 

What advice would you give to other Chicagoans, perhaps in similar situations as you, going through tough financial situations?

I would share two things: that it's okay to ask for help, and that this is only a moment. Not a lifetime. Often when we're in dark situations it's hard to see past the muck and the mud. But soon you will make it from under that rain cloud, and look back on incredible lessons of grit and evidence of your resilience.

Anything else you'd like to share? 

Just that JFLC is the best, and I will sing (or rap) their praises any time I can. I have rediscovered my joy and gotten right back to work, thanks to JFLC. ♥️

JFLC offers interest-free loans, supporting our community in overcoming financial challenges with dignity and avoiding the cycle of debt. Learn more about our loan process here.