The Solution
Impact Loans
0% Interest Loans that Create Financial Well-being for All
What Is An Impact Loan?
Impact Loans are charitable loans that meet the community right where their needs are, which is access to capital to bridge their cash flow so that they can start saving and get out of debt.
It is a 0% interest rate loan, with a flexible payback schedule, that automatically helps the borrower to save for an emergency through our savings incentive.
This fully automated, tech-enabled, process was built around respecting the dignity of the applicant. At the same time unlocks the collective generosity of your employees and members as a way to show support and give a hand up to those in our community who need it most.
Impact Loans
How It Works
Impact Loans are a way to help you achieve financial well-being by giving you access to an interest free loan that has a flexible payback period and also helps you save for emergencies.
Step #1 – Apply
The first step to receiving an Impact Loan is to apply online. It is a fast process that is 100% anonymous so that you don’t have to worry about sharing your situation with anyone besides The Community Impact Fund. Once approved for an Impact Loan your funds will be dispersed directly to your bank account via ACH.
Step #2 – Cover Your Expenses
The second step is to use the proceeds of your Impact Loan to cover any emergency expenses that would otherwise set you back further financially. These expenses could include rent or housing related expenses, medical bills, auto expenses or repairs, or basic needs such as food or utilities.
The loan is interest free and has a flexible payback schedule. You will not incur any interest or fees on this loan.
Step #3 – Build Savings
Finally, as you pay your Impact Loan back, 10% of every dollar will be allocated to an emergency savings incentive and made available to you when you are able to start building an emergency fund.
These funds are available when you meet certain savings requirements. This step was designed to speed up your progress towards building a rainy day fund on your own.
