The Microloan Mission
An Alternative to High Interest Loans
Provide individuals with an effective alternative to high interest predatory loans, consumer protection information and financial mentorship by trained members of Saint Vincent de Paul.
Loans are provided for one-time expenses to individuals who can demonstrate that they have the ability to pay back the loan. Loans can be issued for up to a $1,000 based on the person's ability to repay.
Provide Low-Interest Loans *
One-time Expenses may be:
- Car repair
- Home repair
- Educational expense
- Medical expenses not covered by other means
- One-time security deposit
- Help pay off payday and car title loans
Plus: Individuals who obtain a loan are provided with their own credit union account which can be used for direct deposit of paychecks. As a member of the credit union, individuals will also receive all other benefits of credit union membership.
* Loans are not provided for rent expense, food or utilities. Emergency assistance for rent, food or utilities is referred to Saint Vincent de Paul conference.
Provide Community Support
You are not alone. Microloans are part of a solution to help individuals return to financial stability. Microloan recipients obtain a reasonable loan repayment plan especially suited to individual situations. In many instances, The Society of Saint Vincent de Paul provides other resources that an individual may need.
Microloan recipients work with a trained financial mentor who can provide information on other community resources, such as free tax preparation, how to avoid the trap of high-interest refund anticipation loans, and financial scams. Likewise, if an individual encounters a barrier to loan repayment, their mentor works with them to find solutions for a successful loan repayment and restored financial stability.
If you are interested in more information about microloan eligibility, please contact your local St. Vincent de Paul Conference in the Columbus Diocese in Coshocton, Delaware, Fairfield, Franklin, Knox, Licking and Ross Counties only. For a list of contact information, please see https://www.svdpcolumbus.org/contact_info.
Be sure to read tour newsletter, Microloan Musings. The newsletter is our way of sharing some of our success stories and other news about our program. Check out our first two editions here.
You can also request general information about the program at [email protected].