HAPCAP Launches MicroLoan Program in Partnership with Ohio College Credit score Union | Join
Hocking Athens Perry Neighborhood Motion (HAPCAP), in partnership with the Ohio College Credit score Union (OUCU), proclaims a MicroLoan pilot program in Athens County. This system is ready to present loans of as much as $ 1,500 for a one-time expense and is on the market to residents of Athens County. Eligible bills embrace, however should not restricted to: house or automobile repairs, unexpected medical bills not coated by insurance coverage, pest management, and payday or title mortgage consolidation.
40% of Individuals do not have the funds to cowl an sudden expense of $ 400, in response to a 2019 Federal Reserve ballot. Following financial uncertainty from the COVID-19 pandemic, episodic poverty has hit American households resulting from unemployment, rising meals prices and lack of kid care.
“Athens County is the poorest county in Ohio, making residents susceptible to predatory loans,” says Kelly Hatas, government director of HAPCAP. “Emergency spending can usually push individuals into poverty, which is why we’re delighted to be launching this program in partnership with OUCU to offer entry to reasonably priced credit score. The compensation phrases will probably be tailor-made to every borrower, however this program gives debtors the choice of creating or restoring credit score with a constructive fee historical past. “
HAPCAP efficiently managed its first mortgage inside the first month of this system launch. HAPCAP additionally encourages group companions and Athens County monetary operations to refer potential shoppers to the MicroLoan program.
Candidates will need to have 30 days of secure earnings with the flexibility to repay the mortgage. Profitable debtors will grow to be members of OUCU, obtain a free credit score report assessment, and take part in monetary empowerment coaching. The mortgage has no charges and a set, low rate of interest. This system is meant just for unexpected emergency bills. Bills not eligible for this program embrace month-to-month bills resembling lease, mortgage, or utility payments.
To use, please contact Amanda Sawvel, HAPCAP Neighborhood Useful resource Navigator at (740) 767-4500 or by electronic mail at [email protected]. The OUCU obtained funding for the outreach program by a grant from the Ohio Credit score Union Basis. For extra data on eligibility and required documentation, please go to hapcap.org/microloan.