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0% Interest Loans that Create Financial Well-being
($500-$3000 loans are available)
How do I use my Impact Loan benefit?
Review FAQs prior to applying for a loan
Application Instructions Guide
SCROLL DOWN TO APPLY FOR YOUR LOAN
Who Is Eligible to Apply?
You must be a part-time or full-time employee of Rivermark CU and have been employed at least 90 days. Eligibility begins the first of the month following your 90 day employment anniversary
You must be 18 years of age or older.
What can you do when the unexpected occurs?
When the unexpected happens, it can be difficult to pay for your basic needs. Payday loans, credit cards, and other high-interest debt are often used as a short-term solution for your financial problems, however, they come with extremely high-interest rates and fees, ultimately making them a long-term burden that makes the problem worse, rather than better.
Rivermark CU offers Impact Loans for our employees at 0% interest with an extended repayment schedule. Once you pay back your loan in full, you are also eligible to receive a Savings Incentive bonus in order to help build an emergency savings fund. This helps households recover from financial hardship without getting trapped in another debt spiral from high-interest lenders.
What can you do when the unexpected hits?
When the unexpected happens, it can be difficult to pay for your basic needs. Payday loans, credit cards, and other high-interest debt are often used as a short-term solution for your financial problems, however, they come with extremely high-interest rates and fees, ultimately making them a long-term burden that makes the problem worse, rather than better.
Rivermark CU offers Impact Loans for our employees at 0% interest with an extended repayment schedule. Once you pay back your loan in full, you are also eligible to receive a Savings Incentive bonus in order to help build an emergency savings fund. This helps households recover from financial hardship without getting trapped in another debt spiral from high-interest lenders.
How It Works
Impact Loans are a way to help you achieve financial well-being by giving you access to an interest-free loan that has an extended payback period. It also helps you save for emergencies. They are interest-free and are not reported to the Credit Bureau.
Step #1 – Apply
The first step to receiving an Impact Loan is to apply online. Part-time or full-time employees are eligible to apply the first of the month following 90 days of employment.
It is a fast process that is anonymous so that you don’t have to worry about sharing your situation with anyone beyond The Community Impact Fund, which administers the loans on behalf of Rivermark CU. No one at Rivermark CU will ever see your application or related documentation. Once approved for an Impact Loan, your funds will be disbursed directly into your financial institution account via ACH.
Step #2 – Cover Your Expenses
The second step is to use the proceeds of your Impact Loan to cover any emergency expenses that would otherwise set you back further financially as described in your loan application. Examples of eligible expenses include:
- Housing expenses (rent, mortgage, utilities)
- Healthcare
- Childcare
- Transportation
- Food
- Technology
- Taxes
- Debt
- Other (funeral expenses)
Step #3 – Build Savings
Part of financial well-being is having the security of an emergency fund. Rivermark CU believes in this so much, we want to provide an added bonus for you once you pay your Impact Loan back in full. This step was designed to speed up your progress toward building an emergency fund on your own. Once you pay your Impact Loan in full then you can start working toward your Savings Incentive. Click here for more information.
What Does Financial Well-being Look Like?
Control over your day-to-day and monthly finances
Financial well-being means that you have full control over your finances. You have a plan and know what your money is going to do day-to-day and month-to-month. You are in control of your money and not the other way around.
Financial freedom to make the choices that make you happy
Financial well-being is having the ability to make the choices in life that make you happy so that you can fully enjoy life and not be a slave to your money.
Ability to cover emergency expenses
Financial well-being means that you can cover unplanned emergency expenses without using high interest debt. With the Impact Loan you can borrow at 0% interest, and when you pay it back, we help you save for a rainy day!
On track to meet your financial goals
Financial well-being is being on track to meet your financial goals, whether that be to purchase a new car, a home for your family, fund your kids’ college education or to save for your own retirement.