Loan Terms
Loan Terms
Interest Rate and Fees:
Zero ($0.00)
Minimum Loan:
$500
Maximum Loan:
$10,000
Length of Loan:
$500 to $5,000 2 years
$5,000 to $10,000 4 years
Repayment:
All loans are expected to be repaid within 4 years.
The loan will be paid in equal monthly payments, during the term of the loan:
$500 to $5,000 monthly payment of Principal/24
$5,000 to $10,000 monthly payment of Principal/48
The borrower has the option of pre-paying multiple monthly repayments. Under special circumstances, other repayment schedules, such as quarterly or semi-annually may be approved.
Guarantors:
All loans must have one or more guarantors who have good credit, in that they are meeting their current debt obligations. A married couple is considered one guarantor, and spouses must sign guarantor forms and the promissory note.
How to Apply:
Please complete and return the Loan Application and Guarantor form.
Loan Eligibility Criteria:
This loan is for a temporary, acute, financial emergency. It is an alternative or supplement to appealing to friends, family, and government emergency “safety-net” programs. Ideally, the loan should have a transformational effect, providing a path through a temporary financial crisis to financial self-sufficiency. The loans are NOT offered for regular financial stresses, such as chronic monthly budget shortfalls, low-wage employment, or refinancing existing debt (e.g., consolidating credit card debt, paying off student loans, paying off car loans, paying off mortgages.) , etc.
This loan is for a temporary, acute, financial emergency. It is an alternative or supplement to appealing to friends, family, and government emergency “safety-net” programs. Ideally, the loan should have a transformational effect, providing a path through a temporary financial crisis to financial self-sufficiency. The loans are NOT offered for regular financial stresses, such as chronic monthly budget shortfalls, low-wage employment, or refinancing existing debt (e.g., consolidating credit card debt, paying off student loans, paying off car loans, paying off mortgages.) , etc.
Educational assistance loans are available to students who have not been able to obtain sufficient funds from other sources, such as savings, parents, scholarships, or conventional student loans.
The willingness and ability of the borrower to repay the loan will also be taken into consideration. Factors include: monthly income and expenses, savings and other assets, credit history, references, other information provided on the application, and interviews.
Loan funds are typically paid directly for a particular purpose, for example directly to: a medical facility, a college, a home repair contractor, an auto repair shop, an auto dealer, and appliance store, etc.
We comply with Federal and Massachusetts civil rights laws and do not discriminate or exclude people or treat people differently on the basis of race, color, national origin, religion, age (over 18), disability, sex, sexual orientation, or gender identity.
