Will Capital Good Fund pull my credit?

As a nonprofit lender, Capital Good Fund must pull credit for all loan applications to inform decisions. The credit pull will result in a hard credit inquiry on the report which may decrease your credit score. The information on the credit report will be reviewed together with the bank history and application details to determine if a loan offer can be extended.

Please note that although we strive to provide capital to all of our community members, there are situations in which information may indicate the applicant is not financially fit to take on a new debt in addition to their monthly expenses. 

If I finish the process, how soon would I get the money?

After the loan contract is signed, a deposit will reach your attorney’s bank account within 1-2 business days. Please note that delays may occur during holidays observed by the bank.

Can I apply if I just started a new job?

You may apply for a loan even if you started a new job. We recommend you prepare Proof of Employment such as a letter on your employer’s letterhead confirming the following:

• Start date

• Salary or hourly rate

• Minimum weekly or biweekly hours 

Can I apply with someone else’s income?

Although applicants can report household income on the application, we require all applicants to have their own individual income to be eligible to apply. If income is reported and it cannot be verified, the application may be disqualified.

Can I use a friend or family member’s bank account if I don’t have one?

Each applicant must have a bank account in which they are the owner or joint owner. Applicants cannot submit another person’s bank account, even if they gave permission. Please note we do not accept rep payee accounts.

Can I still apply if I just opened my bank account?

Applicants must have at least 90 days of history with their bank account to apply. 

Can I substitute my bank history with pay stubs?

Bank history cannot be substituted with any other document. Applicants are welcome to supply proof of income at intake if they are concerned with verifying income that does not show on their statements.

Can I pay my loan off early and are there any penalties?

Borrowers can make early partial payments or payments in full without any penalties by contacting our Servicing Department.

Servicing Department

E: service@capitalgoodfund.org

Tel: 866-584-3651 ext 303

When is my first payment?

Your first payment will be scheduled approximately 30 days after the contract signing date. Please review your loan contract for exact payment dates.

Can I increase my loan after closing if I need more money? How soon can I apply for another loan if I need more money?

Applicants must make at least 3 consecutive and successful monthly loan payments to be reconsidered for funds. Funds cannot be added to an existing loan, the borrower must reapply for a new loan.

Are payments automatic? If not, how can I make payments?

Payments are automatically deducted from your bank account each month. If an applicant would like to opt out, this request must be submitted to the Loan Closing team prior to contract signing.

What happens if I cannot make a payment?

Our Servicing Team prides itself on working with clients to ensure the credit report of our borrowers is not impacted. We ask borrowers to contact the Servicing Team at least 7 business days (a week) in advance to modify their payment schedule.

Will this loan help build my credit score?

Capital Good Fund reports all payments to the Credit Bureaus. If the borrower makes on-time payments for the life of the loan, the installment loan will help increase their credit score by reflecting positive repayment history.

Can my family member apply if I do not live in a qualifying state?

Yes, anyone can apply on behalf of a beneficiary as long as they are willing to assume the risk of the loan. The Immigration Verification Form completed by the attorney should indicate who the beneficiary is.

Can I add a family member in my Asylum case as my co-applicant?

Applicants who are undergoing Asylum can apply for a loan, but they will be asked for a co-applicant due to the risk associated with the case. Co-applicants on these types of loans should not be undergoing asylum proceedings because it will increase the risk of the loan instead of mitigating it.

How can I obtain an estimate of my monthly payment?

The Immigration Team can supply a monthly payment estimate as well as an estimate of the finance charge for a loan. Please request this information by calling or emailing us. Alternatively, you can also use the calculator provided on our website; however, the correct state must be selected to obtain the most accurate estimate. Please note that interest rates vary per state.