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0% Interest Loans that Create Financial Well-being
($500 – $3000 loan amounts available)
How do I use my Impact Loan benefit? Click here to learn more.
Before applying, please review the downloadable instructions by
clicking on the appropriate employer logo below.
Once you are ready to apply, scroll down the page and click the GET STARTED button.
Loans provided to eligible employees of:
Who Is Eligible?
You must be a part-time or full-time employee of CBC FCU, Boys & Girls Club of Greater Oxnard & Port Hueneme or Big Brothers, Big Sisters of Ventura County.
You must have been employed with your organization for a minimum of 90 days.
You must be 18 years of age or older.
What can you do when the unexpected occurs?
When the unexpected happens, it can be difficult to pay for your basic needs. Payday loans, credit cards, and other high-interest debt are often used as a short-term solution for your financial problems, however, they come with extremely high-interest rates and fees, ultimately making them a long-term burden that makes the problem worse, rather than better.
CBC Federal Credit Union offers Impact Loans for our employees at 0% interest with an extended repayment schedule. Once you pay back your loan in full, you are also eligible to receive a Savings Incentive bonus in order to help build an emergency savings fund. This helps households recover from financial hardship without getting trapped in another debt spiral from high-interest lenders.
What can you do when the unexpected hits?
When the unexpected happens, it can be difficult to pay for your basic needs. Payday loans, credit cards, and other high-interest debt are often used as a short-term solution for your financial problems, however, they come with extremely high-interest rates and fees, ultimately making them a long-term burden that makes the problem worse, rather than better.
CBC Federal Credit Union offers Impact Loans for our employees at 0% interest with an extended repayment schedule. Once you pay back your loan in full, you are also eligible to receive a Savings Incentive bonus in order to help build an emergency savings fund. This helps households recover from financial hardship without getting trapped in another debt spiral from high-interest lenders.
Who Is Eligible?
You must be an employee of CBC Federal Credit Union.
You must be 18 years of age or older.
How It Works
Impact Loans are a way to help you achieve financial well-being by giving you access to an interest-free loan that has an extended payback period. It also helps you save for emergencies. They are interest-free and are not reported to the Credit Bureau.
Step #1 – Apply
The first step to receiving an Impact Loan is to apply online. It is a fast process that is anonymous so that you don’t have to worry about sharing your situation with anyone beyond The Community Impact Fund who administers the loans on behalf of CBC Federal Credit Union.
No one at CBC Federal Credit Union will ever see your application or related documentation. Once approved for an Impact Loan, your funds will be disbursed directly into your bank account via ACH.
Step #2 – Cover Your Expenses
The second step is to use the proceeds of your Impact Loan to cover any emergency expenses that would otherwise set you back further financially as described in your loan application. Examples of eligible expenses include:
- Housing expenses (rent, mortgage, utilities)
- Healthcare
- Childcare
- Transportation
- Food
- Taxes
- Debt
- Other (funeral expenses)
Step #3 – Build Savings
Part of financial well-being is having the security of an emergency fund. CBC Federal Credit Union believes in this so much, we want to provide an added bonus for you once you pay your Impact Loan back in full.
This step was designed to speed up your progress toward building an emergency fund on your own. Once you pay your Impact Loan in full then you can start working toward your Savings Incentive. Click here for more information.
What Does Financial Well-being Look Like?
Control over your day-to-day and monthly finances
Financial Well-being means that the you have full control over your finances. You have a plan and know what your money is going to do day-to-day and month-to-month. You are in control of your money and not the other way around.
Financial freedom to make the choices that make you happy
Financial Well-being is having the ability to make the choices in life that make you happy so that you can fully enjoy life and not be a slave to your money.
Ability to cover emergency expenses
Financial Well-being means that you can cover unplanned emergency expenses without using high interest debt. With the Impact Loan you can borrow at 0% interest, and when you pay it back, we help you save for a rainy day!
On track to meet your financial goals
Financial Well-being is being on track to meet your financial goals, whether that be to purchase a new car, a home for your family, fund your kids college education or to save for you own retirement.
CLICK HERE TO REVIEW FREQUENTLY ASKED QUESTIONS
What is the maximum loan amount?
Loans are based on the needs cited in the application. The minimum loan amount you can request is $500. The maximum amount is $3000.
How many loans can I apply for?
Applicants can apply for as many loans as they need as long as the previous loan has been paid back and the relationship is in good standing.
Who qualifies for an Impact Loan?
In order to be eligible to apply for a loan you must be a part-time or full-time employee of CBC Federal Credit Union or of a designated partners: Boys and Girls Club of Greater Oxnard and Port Hueneme or Big Brothers, Big Sisters of Ventura County. You must be at least 18 years of age and have been actively employed for a minimum of 90 days at your organization and in good standing.
Will my loan payment be deemed as taxable income?
Any loans received by applicants will not be deemed as taxable income.
Am I charged interest or fees for this loan?
No, this loan has a 0% interest rate.
What is the emergency savings incentive?
We take 10% of the loan repayment and hold that as a “Savings Incentive” that will be payable to the participant as a reward for building an emergency savings account and meeting the program requirements.
What happens if I can’t pay back the loan?
We want you to have success with your loan. The loan remains a 0% interest loan. If you miss a loan payment it is automatically added to the end of your repayment schedule and you will be expected to pay next month’s payment and all remaining payments. Every dollar you pay back on your loan goes back into the fund and allows your fellow employees to pay for a loan so we want to help! Please visit the FAQ, What are the terms of the FLEXIBLE REPAYMENT SCHEDULE?, for more information on how to address repayment challenges. You are expected to repay back your loan even if you leave your organization as an employee.
Can I make a prepayment or pay off the loan sooner?
Yes, prepayments are applied to the final monthly installment. The borrower can access the platform by logging in and manually making a payment. HOWEVER PLEASE NOTE: Making a manual payment DOES NOT cancel your automatic payment that is set to withdraw each month. Therefore, if you don’t wish to have the additional payment withdrawn, you must email loans@communityimpactfund.org at least FIVE DAYS prior to the day your payment is due.
Who do I contact if I have any questions about this program?
Please reach out to CIF at loans@communityimpactfund.or