Impact Loans
0% Interest Loans that Create Financial Well-being for All
What Is An Impact Loan?
It’s a 0% interest-free charitable loan. With an Impact Loan, repayment takes place over a 12 month schedule and is set up to be automatically debited from the recipient’s bank account on the day of their choosing. This loan helps to bridge cash flow and pay emergency expenses without accruing extra fees or increasing high-interest debt.
This gives us an opportunity to meet the very real needs of our Chrome CU family while also restoring dignity back to those receiving the funds. This is the key to prospering communities worldwide.
This fully automated, tech-enabled process was built around respecting the dignity of the applicant. The loan process itself is managed by our partner, the Community Impact Fund, allowing for the process to be completely anonymous from application to pay off. Funded entirely by Chrome CU donations, this is a way for our organization to show support and give a hand up to those employees 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 an extended payback period. It also helps you save for emergencies. They are interest-free and are not reported to the Credit Bureau.
Step #1 – Apply
The first step to receiving an Impact Loan is to apply online. It is a fast process that is anonymous so that you don’t have to worry about sharing your situation with anyone beyond The Community Impact Fund which administers the loans on behalf of Chrome CU. No one at Chrome CU will ever see your application or related documentation. Once approved for an Impact Loan, your funds will be disbursed directly into 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 as described in your loan application. Examples of eligible expenses include:
- Housing expenses (rent, mortgage, utilities)
- Healthcare
- Childcare
- Transportation
- Food
- Technology
- Taxes
- Debt
- Other (funeral expenses)
Step #3 – Build Savings
Part of financial well-being is having the security of an emergency fund. Chrome CU believes in this so much, we want to provide an added bonus for you once you pay your Impact Loan back in full. This step was designed to speed up your progress towards building an emergency fund on your own. Once you pay your Impact Loan in full then you can start working towards your Savings Incentive. Click here for more information.
