The MicroLoan program is designed to offer small loans of up to $1000 that are repaid by the borrower at a very low interest rate. Eligible expenses include:
- Car Repair
- Education Expense
- Pay off High Interest Loan (Predatory Loan)
- Security Deposit
- Medical Expense
- Emergency Home Equipment Expense (unlivable situation - furnace, water heater, etc.)
- Other Extraordinary Expenses. (loans are not made for regular living expenses)
Repayment of the loan helps borrowers establish or improve their credit score/history.
The MicroLoan program can serve as a good alternative to predatory lending companies that charge a very high interest rate and can trap the borrower in a cycle of debt. Financial planning training is required to help the borrower establish a budget and manage money more effectively.
If you would like to consider getting a MicroLoan, please call 740-527-3395 to set up an appointment or meet with a volunteer from St. Vincent de Paul.