Get a Fresh Start

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0% Interest Loans that Create Financial Well-being

Download Printable Instructions:

Download Printable Instructions:

What can you do when the unexpected occurs?

When the unexpected happens, it can be difficult to pay for your basic needs. Payday loans, credit cards, and other high-interest debt are often used as a short-term solution for your financial problems, however, they come with extremely high-interest rates and fees, ultimately making them a long-term burden that makes the problem worse, rather than better.

CHROME offers opportunity loans for our community at 0% interest with flexible repayment plans that help build an emergency savings account. This helps households recover from financial hardship without getting trapped in another debt spiral from high-interest lenders. 

man and woman
man and woman

What can you do when the unexpected hits?

When the unexpected happens, it can be difficult to pay for your basic needs. Payday loans, credit cards, and other high-interest debt are often used as a short-term solution for your financial problems, however, they come with extremely high-interest rates and fees, ultimately making them a long-term burden that makes the problem worse, rather than better.

CHROME offers opportunity loans for our community at 0% interest with flexible repayment plans that help build an emergency savings account. This helps households recover from financial hardship without getting trapped in another debt spiral from high-interest lenders. 

Get a fresh start!

How It Works

apply for impact loan

1. Apply for an Opportunity Loan

The loan can be applied for online and funds can be distributed directly to your bank account to meet your needs and get you back up and running! 

payments

2. Cover your expenses.

The first step in being financially free is to have money to cover your bills and expenses and avoid the high-interest and fees associated with consumer debt. 

build savings

3. Build savings!

Repayment is set up automatically from your bank account and 10% of each payment goes to building an emergency savings account for you when you need it most!
  * Borrower must meet program requirements

What Does Financial Well-being Look Like?  

Control over your day-to-day and monthly finances

Financial Well-being means that the you have full control over your finances. You have a plan and know what your money is going to do day-to-day and month-to-month.  You are in control of your money and not the other way around.

Financial freedom to make the choices that make you happy

Financial Well-being is having the ability to make the choices in life that make you happy so that you can fully enjoy life and not be a slave to your money.

Ability to cover emergency expenses .

Financial Well-being means that you can cover unplanned emergency expenses without using high interest debt. With the opportunity loan you can borrow at 0% interest, and when you pay it back, we help you save for a rainy day!

On track to meet your financial goals.

Financial Well-being is being on track to meet your financial goals, whether that be to purchase a new car, a home for your family, fund your kids college education or to save for you own retirement.

Who Is Eligible?

You must be a CHROME Employee

You must use the loan to pay for an unforeseen financial hardship

You must be 18 or older

Who Is Eligible?

You must be a CHROME Employee

You must use the loan to pay for an unforeseen financial hardship

You must be 18 or older

FAQs

What is the maximum loan amount?

Loans are based on the needs cited in the application. The maximum loan amount is $3,000.

How many loans can I apply for?

Applicants can apply for as many loans as they need as long as the previous loan has been paid back and the relationship is in good standing. 

Who is eligible to receive a loan payment?

Financial support will be provided to employees, members, and community members (people that live, work or worship in the zip codes that CHROME serves) who are facing an unforeseen financial hardship and are unable to meet a basic need with their own resources (according to IRS guidelines). Financial hardship may include, but is not limited to, unforeseen expenses caused by health/medical expenses, family emergencies, acts of nature, major disaster, as declared by a state or federal official.

Will my loan payment be deemed as taxable income?
Any loans received by applicants will not be deemed as taxable income.
Am I charged interest or fees for this loan?

No, this loan has a 0% interest rate.

What is the emergency savings incentive?

We take 10% of the loan repayment and hold that as a “Savings Incentive” that will be payable to the participant as a reward for building an emergency savings account and meeting the program requirements.

What happens if I can’t pay back the loan?

You can adjust your payment date or skip a payment. If the borrower chooses to skip a payment, that payment is added on to the end of the repayment date. However, this is a valid loan and will be recorded on your credit report.

Can I make a prepayment or pay off the loan sooner?

Yes, prepayments are applied to the final monthly installment. The borrower can access the platform by logging in and manually making a payment.

Who do I contact if I have any questions about this program?

Please reach out to CIF at loans@communityimpactfund.org.