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An unexpected financial issue – a health emergency, a job change, or a necessary home repair can take a toll on your budget. For Michelle Mitchell, 60, of Houston Texas it was a car repair. In the past when an expense like that came up she turned to her credit cards or a payday lender. Once it took her two years and almost three times the amount she borrowed to resolve one loan from a payday lender. This time was different because of a low-interest $1,000 Impact Loan she got from Capital Good Fund. “It was a lifesaver for me,” she recalled. “The payments are very low, so I was excited.” Mitchell is also getting support from Capital Good Fund through the Financial Coaching PLUS program. She says her coach Michelle Paulino has helped her create a budget, set financial goals, and holds her accountable.
An Impact loan from Capital Good Fund was just what another client, a single mother of four children Tanya Hernandez, 32, of Von Ormy Texas needed. She had to pay rent when she was between jobs and the $1,500 low-interest loan got her through that difficult time. “I was lost. I didn’t know what to do,” she recalled. “The loan allowed me to stay in my home.” Other lenders she spoke to either rejected her or offered her a loan with a prohibitively high-interest rate. “I cried with joy when I was approved. The Capital Good Fund loan was three times what I thought it would be,” she added. Hernandez recommends that other people in her situation never give up because there is help out there.
Georgia was recently added to the list of states where residents can get Capital Good Fund Impact Loans. The other states are Rhode Island, Florida, Texas, Delaware, Illinois, New Jersey and Connecticut. The APR varies by state but is between 12%-18%, far less than the rates offered by predatory lenders who charge up to 300% in states without necessary regulations. Loan details can be found on our website.
Capital Good Fund is able to offer Impact Loans in Georgia thanks to a multi-year financial investment from GreenLight Fund Atlanta. According to Joli Cooper, GreenLight Atlanta Executive Director, “Capital Good Fund’s fintech platform coupled with a unique lending model addresses an unmet community-identified need. Capital Good Fund’s innovative approach is well-positioned to serve those who have been traditionally underserved by mainstream financial systems, have less-than-perfect credit and are susceptible to predatory lenders.” More details can be found via GreenLight Fund Atlanta’s announcement.
The Financial Coaching Plus program just started in Georgia and is also available to residents of Massachusetts, Connecticut*, New Jersey*, Florida*, Illinois, Pennsylvania*, and Texas*. Financial Coaching PLUS is a year-long commitment tailored to fit the client’s needs. Meetings are conducted virtually for maximum convenience. For more information visit our website.
* These states have incentives making coaching programs even more affordable. Inquire to learn more!
