Too many hardworking families get caught in cycles of short-term, high-cost debt that quietly drain their income. This program creates a different path. When someone commits to learning and strengthening their financial habits, they now have access to an alternative that supports progress instead of setting them back.”
Everence® Federal Credit Union and Lacasa, Inc. are proud to announce the launch of a new pilot loan program designed to help community members move away from short-term, high-cost debt and toward long-term financial stability.
Over the past year, Everence and Lacasa worked together to design and approve an unsecured loan opportunity specifically for individuals who are actively participating in financial education and taking steps to strengthen their financial foundation. The new loan product will be available to participants who complete Lacasa’s free financial education courses: Master Your Money and either Master Your Credit or Master Your Debt within a six-month period.
The loan ranges from $250 to $2,000 and may be repaid over a period of up to 18 months. It is intended to provide a responsible alternative for individuals who may otherwise rely on high-cost, short-term borrowing options.
“Through our Impact Loan program offerings, including this pilot program, and in partnership with community engaged partners like Lacasa, Inc., we are able to provide financial wellness tools, resources, and solutions to prevent small issues from becoming costly challenges,” said Leonard Dow, Vice President of Community and Church Development at Everence.
The program will launch as a pilot initiative. Everence Federal Credit Union plans to evaluate the results and gather data from the program to determine how it may be refined and potentially expanded into additional markets in the future.
Click here for more information about this program.