A Credit-building Small-dollar Loan
The Credit Connection Loan is a small-dollar loan program designed to help a family meet a financial need during a financial crisis. This loan will help you build positive credit, which will aid in securing your financial future. Brighton Center offers support by providing financial education and one-on-one coaching, while Central Bank provides underwriting for the loan. Those who access this program will receive a loan of up to $3,500, with the loan term and interest rate determined upon application.
What to Bring:
· Two Cents About Finance Certificate
· Proof of 6 months of employment
· 3 credit sources, traditional or alternative, with 6 months payment history
· Most recent pay stubs
· Previous year’s W2
· Photo ID
Why We Do It
“Many hard-working people need access to short-term credit in a pinch to cover the cost of an emergency room visit or replacing a busted stove or carburetor. Many families turn to alternative, ‘predatory’ lenders to finance unexpected expenses. Although the products offered by these alternative lenders - such as payday or car-title loans - can help families weather a financial emergency, the eye-popping interest rates can be devastating. Yet there is another way that has been proved to work” (The American Foundation, 2010). Our purpose is to work in partnership with individuals and families to use their income wisely, make good financial decisions, repair/establish credit, and provide opportunities to build assets.
In order to apply for the loan, you must complete a 2-hour financial education workshop. The workshops are offered twice a month, with virtual and in-person options. Once you complete the workshop, you’ll need to schedule an appointment to meet with a Financial Coach in order to review application criteria and submit the application to Central Bank.