Loan Program

Loan Program

Access to credit is a common hurdle faced by refugees and immigrants when trying to achieve financial stability. Many do not have a credit score or credit history which impacts their access to housing, jobs, credit, and affordable interest rates.

Project Prosper recognizes the unique challenges faced by recent immigrants and refugees and empowers individuals to create financial stability for themselves and their families. Our innovative loan program includes a 0% loan with matched savings, financial mentoring, and credit reporting.

Loans are approved for one-time expenses with a maximum loan of $1,500, repayable within a 24-month loan term. While loans are 0% interest, participants pay 10% in “self-interest” to encourage a saving habit. Borrowers are also matched with a volunteer mentor, whose role is to provide personalized financial education based on the borrower’s interests. When a borrower successfully pays off their loan the self-interest amount (usually $150) is returned to the borrower and matched with dollar-for-dollar gift funds if they have met with their mentor at least 6 times during the loan term. A unique benefit of this program is that Project Prosper reports the participant’s payments to the three main credit bureaus allowing clients to establish or repair their credit.

Interested in applying for a loan?

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. All loans are subject to approval. Applicants will be evaluated on their capacity, character, and creditworthiness.

Qualifications

  • Not a U.S. citizen
  • Lived in the U.S. less than 10 years
  • Can provide proof of legal status
  • Live or work in Pinellas, Hillsborough, or Pasco county
  • Legally employed for at least 6 months
  • Qualify as low to moderate income (see box below)

1

Person In Family

$37,450

Gross Family Income

2

Persons In Family

$42,800

Gross Family Income

3

Persons In Family

$48,150

Gross Family Income

4

Persons In Family

$53,500

Gross Family Income

5

Persons In Family

$57,800

Gross Family Income

6

Persons In Family

$62,100

Gross Family Income

Steps in the Loan Process

1. Contact us at 727-538-4179 for more information and to verify that you qualify.
2. Complete an application.
3. Attend an in-person interview.
4. Subject to approval, receive notification that your loan has been approved.
5. Attend your loan presentation where you collect your check and meet your mentor.
6. Make your payments and gain credit history with all 3 credit bureaus.
7. Meet with your mentor at least 6 times during your repayment period.
8. After 24 months your loan will be paid off!
9. Attend a loan closing presentation.
10. Collect a check for the self-interest amount paid (maximum $150) and receive a gift matched up to $150 if mentoring requirements are met.

Sample payment for a loan issued for the maximum value ($1,500):

$62.50

x 24 Months =

$1,500

Loan Principal

$6.25

x 24 Months =

$150

Self Interest

$68.75

Total Monthly Payment

$1,650

Over 24 Months

Scroll to Top