FAQs

Get the answers you need regarding the Financial Literacy Program, Loan Program, and Financial Coaching in our frequently asked questions page. 

General information

We are a nonprofit organization that has served the Tampa Bay area since 2007.

We serve Pinellas, Hillsborough, Pasco, and Manatee counties, in Florida.

Our organization is focused on immigrants and refugees that live or work in the counties of Pinellas, Hillsborough, Pasco, and Manatee, in Florida.

  1. Financial Literacy Program (group classes)
  2. Loan Program (0% interest loan)
  3. Financial Coaching (one-on-one education)

Financial Literacy Program

We offer two curriculums: a beginner-level curriculum for students at the beginner level of English and a regular curriculum with 13 topics for students with intermediate to advanced levels of English.

The beginner-level curriculum consists of four classes teaching survival skills related to finance and banks, such as protecting information, paying bills, and using bank services. Click here to check our curriculums.

The regular curriculum covers 13 topics in different financial topics. Click here to check our curriculums.

We offer in-person and online classes. 

We offer classes in English and Spanish or with interpretation if the partner organization provides an interpreter. 

We typically offer one class per week, but we are open to other arrangements that suit your schedule. 

Each class lasts 1.5 hours, with the first class including an introduction to Project Prosper programs (Literacy and Loan). 

We require scheduling at least four (4) courses with a minimum of five (5) participants in each class.

Once you’ve decided on the classes for your students, you must complete an enrollment form to provide us with the necessary details to prepare the schedule. Once you confirm the schedule, the days and times are locked. Click here to access the enrollment form.

If a site has less than five participants, each participant may be matched with a financial coach, another free service we provide.

You must find a group of five (5) people who want to take the classes with you. If you do not have a group, you can enter a waiting list, and as soon as we have 5 participants, we will notify you to start classes. Click here to go to the waiting list.

Loan Program

The maximum amount of the loan is $2,500, but applicants can request less.

The loan has a 36-month term (3 years).

Our loan has a 0% interest rate.

Yes, all loan payments are reported to the three major credit bureaus (Equifax, Experian, and Transunion).

Loans can be used for a wide variety of one-time uses such as: buying a car, education fees, fees for applying for citizenship or permanent residency, small business development, etc.

No, sorry. We do not make loans for rent, utilities, or other recurring expenses. But we do make loans to pay off high-interest debt (like credit cards) and for any other one-time need.

No. You can pay off the loan early if you wish to do so, but if you want to create or rebuild your credit history, we usually advise borrowers to make the full 36 payments.

You can learn more about qualifications here. If you still have questions, you can contact us at (727) 900-5142 or loans@projectprosper.org

To confirm if you are eligible for our loan, you can contact us at (727) 900-5142 or loans@projectprosper.org

You can apply either online through our Loan Portal or on paper.

You can see the list of required documents here.

If you work as a contractor and receive a 1099 form, you can provide tax returns, bank statements, copies of checks or any other proof of income. For more information on this, contact us at (727) 900-5142 or loans@projectprosper.org

Please look our step-by-step guide, available in English and Spanish. If you need more help with this, contact us at (727) 900-5142 or loans@projectprosper.org

From beginning to end, the loan application process might take around 4 to 6 weeks.

To be considered for the current month’s Loan Committee, you need to have submitted all necessary documents at least 2 weeks prior (meaning, on or before the first Thursday of the month).

Project Prosper has a Loan Committee comprised of highly qualified volunteers that help interview clients, review documents, and meet once a month to discuss and vote if approving or denying a loan application.

Our Loan Committee meets the third Thursday of every month.

Our staff will call you the following day after the Loan Committee session.

If you are approved, you will receive a check with your funds either in person during the loan presentation meeting or afterward via certified mail.

No, but we advise borrowers to always make on-time payments, since late payments will be reported to the credit bureaus, and this will hurt the borrower’s credit score.

While loans are 0% interest, participants pay 10% in “self-savings” to encourage a saving habit. At the end of the 36 months, usually the borrowers should have saved $250. These savings don’t accrue interest.

When a borrower successfully pays off their loan, the self-savings amount (usually $250) is returned to the borrower and matched with dollar-for-dollar gift funds if they have met with their coach at least 6 times during the loan term and have made mostly on-time payments.

Borrowers need to meet with their financial coach at least 6 times during the first 6 months of the loan term and make at least 80% on-time payments.

After you pay off the loan, you will receive a check with your self-savings and matched savings (if you meet the requirements).

Yes, all borrowers are paired with a financial coach.

For borrowers, we recommend at least 6 meetings.

If you don’t complete the minimum 6 meetings, you will not be eligible for the matched savings.

Financial Coaching

Clients are paired with a volunteer coach, whose role is to provide personalized financial education based on the person’s interests and needs.

All immigrants and refugees that live or work in the counties of Pinellas, Hillsborough, Pasco, and Manatee can access this service.

No, this service is completely free.

Yes, you will let the coach know what topics interest you, what are your financial goals, or if there is a particular money-related situation in your life that you need guidance navigating.

They can be either in person or online, depending on the client’s preferences.

We encourage clients to meet with their coach at least once a month, but we also allow clients and coaches to decide on a frequency that works best for both parties.

Usually, meetings last around one hour each.

It depends on the client’s availability. We will ask you what days and times work for you, and we will try to find a coach that can meet you at those times.

No, clients can have as many meetings as they need.

Most of our volunteer coaches speak English, but we can always try to find a volunteer that speaks your native language or an interpreter than can assist with the coaching sessions.

If you have a question that is not listed here, please contact us.

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