Loan Program

Loan Program

Project Prosper recognizes the unique challenges in accessing credit and reliable financial information faced by recent immigrants and refugees. Our innovative loan program includes a 0% interest loan with matched savings, financial mentoring, and credit reporting.

Loans are approved for one-time expenses with a maximum loan of $2,500, repayable within a 36-month loan term. While loans are 0% interest, participants pay 10% in “self-savings” 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 $250) 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

  • Have a one-time financial need (sorry, we do not make loans for rent, utilities, or recurring other recurring expenses – but we do make loans to pay off high interest debt like credit cards and for any other one-time need)
  • Must be an immigrant or former resident of a US territory now living in Florida
  • Can provide proof of legal status (refugee, pending or approved asylum, Green Card/Permanent Resident, or US Citizen) 
  • Lived in a U.S. state less than 15 years
  • Live or work in Pinellas, Hillsborough, or Pasco county in Florida
  • Employed for at least 6 months
  • Qualify as low to moderate income (see box below)

1

Person In Family

$43,850

Gross Family Income

2

Persons In Family

$50,150

Gross Family Income

3

Persons In Family

$56,400

Gross Family Income

4

Persons In Family

$62,650

Gross Family Income

5

Persons In Family

$67,650

Gross Family Income

6

Persons In Family

$72,700

Gross Family Income

Steps in the Loan Process

1. Contact us at 727-900-5142 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 36 months your loan will be paid off!
9. Attend a loan closing presentation.
10. Collect a check for the self-interest amount paid (maximum $250) and receive a gift matched up to $250 if mentoring requirements are met.

Sample payment for a loan issued for the maximum value ($2,500):

$69.45

x 36 Months =

$2,500

Loan Principal

$6.95

x 36 Months =

$250

Self Interest

$76.40

Total Monthly Payment

$2,750 ($250 returned as savings)

Over 36 Months

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