Personal Loans

Personal Loans

The Economic Wellbeing Team offers a variety of personal loans through the IRC’s Center for Economic Opportunity (CEO) which is a national, non-profit financial institution that offers small-dollar loans to New Americans and other “credit-thin” individuals. The CEO offers practical loans at affordable rates that promote the upward economic mobility of our borrowers.

Who Can Apply?

Center for Economic Opportunity (CEO) loans are designed to help individuals engaged with IRC’s related economic development programs. As with all CEO loans, applicants must complete training on banking and credit. There may be additional requirements for program participation depending on local capacity – ask your local Financial Coach about any additional terms.

It is important to note that being eligible to apply for a loan is very different than being approved for a loan. Approvals are handled by CEO staff and not IRC.

Please review the document titled ‘How CEO Makes Loan Decisions’ for important information on getting approved for a CEO loan.

What Types of Personal Loans are Offered?

The Financial Capability Team offers loans to qualifying individuals for these types of loans. (Each is linked to a more detailed PDF document that describes each type of loan.)

  • Auto Loans are fixed-rate installment loans to finance a vehicle purchase.

  • Auto Refinance Loans are fixed-rate installment loans to refinance an existing high-interest auto loan from another financial institution.

  • Credit Building Ladder is a series of three (3) installment loans – all with 0% APR – that help borrowers build credit over several years.

  • Covid Resilience Loans are for those who have been negatively impacted by social distancing measures of the COVID19 pandemic.

  • Education & Training Loans can be used to pay for the direct and associated costs of training and achievement of an industry-recognized certificate or credential.

  • Fee-Based (zero interest) Loans are a fee-based alternative to our traditional interest-bearing loan products.

  • Immigration Loans offer clients of IRC’s Immigration Services access to flexible financing that can help pay for U.S. Citizenship and Immigration Services (USCIS) fees and/or other expenses related to an active IRC Immigration Services case.

  • Personal Loans are small installment loans that offer applicants flexible funds to support their financial health and goals. Common uses include refinancing high-interest debt, car repairs, security deposits/moving costs or paying for unanticipated expenses.

** Please check with your IRC Financial Coach to confirm that you have the most current information.

For other types of loans offered please see the Business Loans page.

How to Apply:

1. Visit your local IRC office to complete a Center for Economic Opportunity (CEO) Loan Application and meet with a Financial Coach or Business Counselor.

Here’s a list of the items you’ll need for the loan request:

  • Personal e-mail address

  • Valid government-issued ID

  • Copy of Social Security Card

  • US Bank acct + Voided Check/Direct Deposit Form

  • 2 most recent monthly bank statements

  • 2 most recent pay stubs

  • Previous year tax return

  • Depending on loan type there may be other document requirements including:

    • Auto Refinance Loans:

      • Payoff quote on existing loan

      • Proof of vehicle ownership

    • Education & Training Loan: A copy of invoice from your training program

    • Immigration Loan: Referral from IRC immigration staff

** Please check with your IRC Financial Coach to confirm that you have the most current information and what documents you will need to apply for a loan.

2. Your IRC Financial Coach will upload your application and attachments to CEO, and let you know if there are any questions (loan decisions are usually made within one week of application).

3. If approved, you may need to come back to the IRC’s office to sign your loan contract.

4. If collateral is offered as a condition of loan approval, you will need to release your interest in the asset and provide the title or other legal ownership record before funds are made available to you.

5. Funds are usually available within 2 business days after signing the loan contract.

Apply for a Loan:

If you are interested in obtaining a personal loan, please contact the IRC-SLC Economic Wellbeing Team and schedule a meeting by signing up on our Scheduling Page.

When scheduling a meeting for a personal loan please select “Financial Capabilities Intake” on the scheduling form.

For more information about Personal Loans please contact:

CA FINANCE LENDER’S LICENSE #60DBO54868
LOANS MADE OR ARRANGED PURSUANT TO CALIFORNIA FINANCE LAW LICENSE
FOR INFORMATION CONTACT THE DEPARTMENT OF BUSINESS OVERSIGHT, STATE OF CALIFORNIA
www.irc-ceo.org