PROVIDENCE, R.I., March 5, 2019 /PRNewswire/ -- The nonprofit lender Capital Good Fund (Good Fund), headquartered in Providence, RI, offers lower-income families Emergency Loans of $300-$500, paid back over 12-months. This facility is now available to residents of Massachusetts at only 10% APR!
The Emergency Loans are a significantly more affordable alternative to predatory firms such as payday lenders, which charge triple-digit interest rates; in fact, a Good Fund borrower will enjoy an average savings of interest and fees of $700. Good Fund loans are also reported to the Credit Bureaus, resulting in an average FICO score increase of 75-points—crucial for a family's financial health.
"A loan of $300-$500 for an emergency can be the difference between being trapped into a crushing cycle of debt and building a base for financial mobility," said Andy Posner, Good Fund's Founder and CEO. "Our Emergency Loans have funded car repairs, overdue utilities, and security deposits on safe and affordable apartments. We know that thousands of Massachusetts residents will benefit from the program."
"Let's just say my credit is a work in progress," said one borrower. "Good Fund helps people like me by giving us the chance to make our credit better. They had my back when I overspent during Christmas by approving me for a personal loan, which allowed me to pay my rent on time. Good Fund really came through for me when I needed them, and they will come through for you too."
The borrower must reside in Massachusetts and have an active bank account. A full list of requirements can be found at www.goodfund.us/loans or by calling 866-584-3651. The loan team speaks English & Spanish and the website is native-translated into Spanish.
About Good Fund: Good Fund is a Rhode Island-based social change organization that uses financial services to tackle poverty in America. Good Fund offers one-on-one Financial + Health Coaching and Loans of up to $25,000 for residents of Rhode Island, Delaware, Florida, and Massachusetts. Since founding in 2009 they have financed 3,700 loans totaling $6.9 million with a 95.6% repayment rate and graduated 1,500 people from their Coaching program. More at www.GoodFund.us.
SOURCE Capital Good Fund