BELLEVILLE, Ill. – Catholic and Community CU is partnering with the Society of St. Vincent de Paul to offer small, low-interest, short-terms loans to the needy who qualify.
St. Vincent de Paul has created a $15,000 fund at the Catholic and Community CU to provide up to $300 loans at 3% interest. The interest will be returned to the fund and the hope is the fund will continue to grow as loans and interest are repaid.
Borrowers also receive credit counseling as part of the loan process and the credit union will open a $25 savings account for each borrower so the borrower will have access to other bank services, such as check cashing.
The payment schedule is flexible, depending on the borrowers situation. Loan terms can last from four to eight months and schedule loan repayments by working with the borrower and his or her budget.
