Spokane District Council of The Society of Saint Vincent de Paul
Microloan Program
Struggling with high-interest loans?
St. Vincent de Paul — Saint Mary Parish offers small-dollar loans to help with debt consolidation. Loans range from $400 to $2,500 with low interest rates between 3-4% and flexible repayment plans over two years through local Credit Unions. Borrowers also receive financial education and support. Microloans are an alternative to payday or auto title loans. They are meant to prevent the use of and/or payoff these types of loans which cause immediate and long term harm to borrowers. If you have a loan with 37% or higher interest and want to consolidate or lower your payments, complete the interest form today!
Eligibility:
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You must live in Saint Mary Parish Boundary
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have a regular monthly household income at or below 300% of the federal poverty level (FPL),
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be willing to have a bank account, and
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your monthly debt-to-income ratio must be under 47%.
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Calculate this by adding your housing costs to your monthly debt repayments. Next, divide that number by your gross monthly income.
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Application Process
Before applying for a microloan, please make sure that you meet the applicant requirements above. If you qualify, follow this application process:
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Complete the Microloan Candidate Interest Form. A representative will respond to your interest within five business days.
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Candidates meeting preliminary criteria will be invited to complete a Microloan Application with program staff.
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Applications will be reviewed by the St. Vincent de Paul — Madison Microloan Committee.
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Qualifying applications will be forwarded to a local bank partner for final review.
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Microloans will be finalized between the bank and the borrower.
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Helpful links
* FDIC Consumer Education - How Money Smart Are You?
* Dave Ramsey Financial Peace University Class finder
* Helpful tools for budgeting
*Annual Credit Report (Free and provided by US Federal Law)