Personal Loan
At Thrive, whatever your personal loan needs may be, we can help! Whether you are needing extra funds for back to school, planning your dream vacation, or looking to purchase new appliances, Thrive can help finance them!
Loan Details:
Flexible loan terms from 24 months up to 60 months
Competitive loan rates
Credit limits from $1,000.00 to $10,000.00 per qualified borrower
Personal Line of Credit
Establishing a Personal Line of Credit is like having a pre-approved personal loan waiting for you whenever you need it. The Thrive Line is more flexible than a personal loan because it’s a revolving credit account, so you can borrow money in small increments as you need it, rather than having to take a new loan each time.
Loan Details:
Pre-approved credit limit with a minimum credit limit of $2,500.00 and maximum of $10,000.00 per qualified borrower
Apply only once for a $50.00 fee and borrow what you need without reapplying
Can be at a zero balance with no fees or penalties, including no annual fee
Lower rates than most credit cards with up to a 5-year draw
Can be tied to your Thrive checking account to protect against checking overdraft fees
Short Term - Small Dollar Loan Program
Thrive’s Short Term, Small Dollar Loan Program aids members who are in a short-term liquidity crunch to avoid turning to payday lenders to cover the shortfall.
Loan Details:
Credit Limits from $100.00 up to $750.00
Repayment period up to 6 months
See qualifications for full loan details
Qualifications for the Short Term, Small Dollar Loan Program are as follows:
Must be a member of Thrive for at least 90 days and in good standing.
Loan amounts from $100.00 up to $750.00. Member may choose to double the amount of the loan, which will be frozen in a special club account until the loan is paid in full. This will give them a start on savings when the loan is paid. If a loan application is for $200.00, they may obtain a loan for $400.00. If the member chooses this option, they will receive 5% off the loan rate!
Repayment period up to 6 months.
Only 1 loan at a time with a maximum of 3 consecutive loans per 6 months – each loan must be paid in full before applying for another one.
Income verification is required.
Full underwriting with credit report is required. These are short-term loans for liquidity purposes made to help the members, so the debt ratio will not be considered in the underwriting decision.
Members with Direct Deposit – Application Fee for the first loan is $20.00. Application fee for loans within 6 months of the first application date is $0.00 (free). After 6 months, full underwriting is required, and the application fee will be $20.00. Interest rate is 18%.
Members without Direct Deposit – Application Fee for the first loan is $20.00. Application fee for loans within 6 months of the first application date is $10.00. After 6 months, full underwriting is required and the application fee will be $20.00. Interest rate is 28%.
