Affordable Small Dollar Loans
The Affordable Small Dollar Loan program through the Community Loan Center of Eastern Idaho provides loans up to $1,000. These inexpensive loans have an 18% interest rate as opposed to payday lenders that can charge upwards of 500%. The Affordable Small Dollar Loans are easily approved, have no credit checks and no collateral required. The loan program is offered through a participating employer and loans are direct deposited directly to the employees bank account. These loans offer a longer term of repayment of 12 months, essentially allowing the employee a more reasonable way to borrow as opposed to payday loans. Unlike payday loans the Affordable Small Dollar Loans help to improve your credit score. There is a $20 per loan processing fee and affordable payments are paid through a convenient payroll deduction. Employees apply online anytime with a fully automated system. There is no direct cost or risk to the employers. In addition to the loan, borrowers are eligible for free, no-obligation financial coaching from NeighborWorks® Pocatello, a non-profit, HUD-certified counseling agency.
Click here to view the Affordable Small Dollar Loan brochure: CLC Brochure
If you are employed by one of the Affordable Small Dollar Loan participating employer click on the link below to apply.
This program is an attractive and innovative employee benefit for your organization. This automated loan program is easy to administer and requires very little staff time. If you would like to have your organization as a participating employer for the Affordable Small Dollar Loan program, please contact us at (208) 232-9468.
Current Employers Participating in the Affordable Small Dollar Loan Program
- American Falls School District #381
- NeighborWorks® Pocatello