Credit Smart Loan

Individuals and families receive the tools needed to gain financial control of their future.

The Credit $mart Loan is a small-dollar loan program designed to help a family meet a financial need during a financial crisis; build positive credit for their future success, and provides a way to start a savings plan to build assets. Brighton Center offers support by providing financial education and one-on-one coaching while The Bank of Kentucky provides underwriting for the loan. Those who access this program will receive a loan of up to $1,500 which will be paid over the next 18 months at a 12% interest rate.

  • Individuals will need to bring in all monthly bills, two forms of identification, and their last two pay stubs

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.

Additional Information

In order to apply for the loan, individuals must complete a 2-hour financial education workshop. The workshops are offered twice a month in the evening from 5:30 pm - 7:30 pm. Once an individual completes the workshop they schedule an appointment to meet with a Financial Coach in order to review program criteria which includes: 1) 3 monthly bills in the person’s name, 2) 3 monthly bills paid on time for the last six-months, and 3) verification of six months of employment.