F. A. Q.

This Fund is governed by The Community Impact Fund. CIF is a nonprofit 501(c)(3) organization that is responsible for responding to all inquiries, vetting all applications, and distributing funds to approved applicants.

CIF offers a 0% interest loan with a flexible payback schedule to individuals in need.  To qualify for a loan, an individual (Borrower) applies to CIF for consideration.  CIF conducts diligence to ensure the borrower qualifies for assistance under IRS regulations and CIF policies and procedures.   Once approved for the Loan, a distribution of the approved amount will be made directly to a bank account provided by the Borrower.

You must be a part-time or full-time employee of Rivermark CU and have been employed for at least 90 days. Eligibility begins the first of the month following your 90-day employment anniversary. You must be 18 years or older.

Loans are based on the needs cited in the application. The minimum loan amount you can request is $500. The maximum amount is $3000.

Applicants can apply for as many loans as they need as long as the previous loan has been paid back. Borrowers can only have one outstanding at a time. In order to apply for another loan, applicants must still be employed with the organization and meet the eligibility requirements. Also, the relationship with their organization and with CIF is in good standing.

As part of the application process, applicants must sign a Promissory Note agreeing to pay the loan back within the outlined terms. The Promissory Note exists between the Borrower and the Community Impact Fund. Borrowers must pay back the loan even if their employment with the fund’s sponsoring organization or partnering organization ends.

A loan repayment schedule will be set up automatically for the full loan amount divided over 12 months. For example, payments for a $2000 loan will be $166.67 per month. Payments are automatically deducted from the personal banking account connected by the Borrower. Borrowers have the ability to select the day the payment is deducted and to change this date as needed.

No, this loan has a 0% interest rate throughout the entirety of its term.

Approval decisions are made based on the information provided by the applicant. Please review the application instructions guide in preparation for applying. The loan application does not pull your credit and your loan is not reported to credit. However, you are required to connect your personal checking account where you deposit your paycheck in order to confirm your income receive your loan disbursement, and upload a W-2 or 1099 statement.

Loans will be distributed by CIF to the approved applicant directly to the applicant’s primary bank account which is connected as part of the application process. 

Payments will be sent within 1-4 business days of the loan being approved. CIF cannot process loans over the weekend or during bank holidays so this may affect how quickly you can receive your loan.

No, at this time Impact Loans are not reported to the Credit Bureaus.

Any loans received by applicants will not be deemed as taxable income.

Sometimes you may be in a situation where you can’t make a payment. We do our best to support you by allowing you to occasionally defer a monthly payment. This moves the payment to the end of your repayment schedule so you will still need to pay it eventually but it does not collect interest. Borrowers have the option to make a prepayment to pay off the loan faster and any prepayment will be applied to the final monthly payment schedule.

TO REQUEST A PAYMENT DEFERMENT, sign in to your borrower portal on your loan application site using the SIGN IN button located at the top right of the screen. Here you can submit a flexible payment request or make payments on missed payments to return your loan status to good standing.

HOWEVER PLEASE NOTE: Making a manual payment DOES NOT cancel your automatic payment that is set to withdraw each month. Therefore, if you don’t wish to have the additional payment withdrawn, you must submit your FLEXIBLE PAYMENT REQUEST through the portal at least FIVE DAYS prior to the day your payment is due. Questions? Contact loans@communityimpactfund.org and provide your first and last name and the company for which you work.

Yes, prepayments are applied to the final monthly installment. You can make additional payments on your loan, by logging in to your borrower profile using the SIGN IN button on the top right corner of this loan application site. Please follow the instructions to make a manual payment.

HOWEVER PLEASE NOTE: Making a manual payment DOES NOT cancel your automatic payment that is set to withdraw each month. Therefore, if you don’t wish to have the additional payment withdrawn, you must submit a FLEXIBLE PAYMENT REQUEST via the portal at least FIVE DAYS prior to the day your payment is due.

Questions? Email loans@communityimpactfund.org and be sure to share your first and last name, and that your loan was from the Rivermark CU fund.

We want you to have success with your loan. The loan remains a 0% interest loan. If you cannot make one or multiple monthly loan payments, they remain due. Any missed payments due to insufficient funds in your connected bank account are automatically added to the end of your repayment schedule and thus, your loan payback term is extended.

Even if your monthly payment fails due to insufficient funds, your payment next month will still be automatically deducted. You will be expected to pay next month’s payment and all remaining payments. If you anticipate not being able to meet your monthly payment requirements due to unexpected circumstances, please refer to the FAQ, Can I SKIP or DEFER a payment? , for more information on how to address repayment challenges.

The CIF loan administration team wants you to feel safe and supported through your loan borrowing process. We are here to help and want to help so PLEASE contact us with any information or questions so that we can help you pay back your loan in full.

Please note: Whether you are still employed by Rivermark CU or not, you are still expected to pay back your loan in full, even if it takes several more months to do so. It is important to remember that every dollar paid back goes back into the loan fund so that others in need can request and receive a loan.

Rivermark CU is committed to your long-term financial well-being. Therefore, as part of the Impact Loan Program, they are also offering you the opportunity to earn money towards your Emergency Savings account.

Please click here to visit the Savings Incentive Program page on your loan site to learn about the program. You can start on this process right away, saving money as you go. Or, as stated, you have 90 days after paying off your loan in full to complete the process.

Questions? Contact loans@communityimpactfund.org. 

Please reach out to CIF’s loan administration team at loans@communityimpactfund.org. 

Our business hours are Monday-Friday, 8 am-3 pm MST/7 am-2pm PST. We are closed on weekends and all banking holidays. For fast assistance please always share your first and last name and that you are currently or previously employed by Rivermark CU.