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0% Interest Loans that Create Financial Well-being
($500 – $1500 loans are available)
How to use your Impact Loan benefit:
Loan Application Instructions:
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.
HIGHMARK CU 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.
HIGHMARK CU 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.
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. In order to be eligible to apply, you must be a part-time or full-time employee of Highmark CU and have been employed for at least 90 days.
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 HIGHMARK CU. No one at HIGHMARK CU 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
- Technology
- Taxes
- Debt
- Other (funeral expenses)
Step #3 – Build Savings
Part of financial well-being is having the security of an emergency fund. HIGHMARK CU 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 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 your own retirement.
Who Is Eligible?
You must be a part-time or full-time employee of Highmark CU and have been employed for at least 90 days.
You must be 18 years of age or older.
Who Is Eligible?
You must be an employee of HIGHMARK CU.
You must be 18 years of age or older.
FAQs
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 $1500.
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, you must be a part-time or full-time employee of Lookout CU and have been employed for at least 90 days. You must also be at least 18 years of age.
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 each loan and hold that as a “Savings Incentive” that will be payable to the participant as a reward for building an emergency savings account following the repayment of their loan 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 team members 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 Lookout CU 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.org.