Thrive’s Short Term, Small Dollar Loan Program aides members who are in a short term liquidity crunch to avoid turning to payday lenders to cover the shortfall. With this loan type, members are able to borrow $100 up to $750 and pay off the loan within 6 months of the application period.
Strive to Thrive Financial Education Center
At Thrive, we understand life happens. We want to not only offer a short term, small dollar loan, but some financial education to help you better understand your finances. Learn more with our Money Basics for members to see how Thrive can help you better manage your finances, create a budget and learn additional ways to help you thrive!
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 up to $750. 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, they may obtain a loan for $400. 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. Application fee for loans within 6 months of the first application date is $0 (free). After 6 months, full underwriting is required and the application fee will be $20. Interest rate is 18%.
- Members without Direct Deposit – Application Fee for the first loan is $20. Application fee for loans within 6 months of the first application date is $10. After 6 months, full underwriting is required and the application fee will be $20. Interest rate is 28%.