What states are Capital Good Fund loans available in?
Capital Good Fund loans are available in the following states:
- Rhode Island
- Florida
- Massachusetts
- Delaware
Capital Good Fund is a community development financial institution (CDFI) that works to provide affordable funding to low-income areas. Its short-term loans cost a fraction of what you’d find with most payday and installment lenders. But it’s not as fast, and it’s only available in a handful of states.
$300
Min. Amount
$2,000
Max. Amount
Up to 4 days
Turnaround time
Product Name | Capital Good Fund short-term loans |
---|---|
Min. Amount | $300 |
Max. Amount | $2,000 |
Loan Term | Varies |
Loan Security | Unsecured |
Turnaround Time | Up to 4 days |
Requirements | Bank account or approved prepaid card with ACH features, regular income, resident of eligible state |
Capital Good Fund offers a variety of short-term loans, including what it calls an Other Personal Loan and an Emergency Loan.
This loan actually works more like an installment loan. It’s available to all credit types, and loan amounts are much smaller than you’d find with your average personal loan provider. Everyone gets the same rate and term, regardless of how much you borrow. But you can pay it off faster to save on interest — Capital Good Fund doesn’t charge a prepayment penalty.
Capital Good Fund’s Emergency Loan is meant as an alternative to high-interest payday loans. Already have a payday loan? You could use this loan to refinance it for more affordable rates and terms.
While it’s still a small-dollar loan, it comes with an even lower APR than the Other Personal Loan. Everyone gets the same rate and one-year term, meaning you won’t have to pay it back right away and risk getting caught in a cycle of debt.
Capital Good Fund loans are available in the following states:
From its minimal eligibility requirements to its comparatively low APRs, here are a few perks of borrowing from Capital Good Fund:
Consider these potential drawbacks before taking out a short-term loan from Good Capital Fund:
A hard credit pull is a way for lenders to check your credit report that temporarily hurts your credit score. Capital Good Fund doesn’t allow you to prequalify based on a soft credit check like some other lenders. But since everyone gets the same rates and terms, it’s not totally necessary.
Instead of prequalifying, Capital Good Fund has an eligibility quiz you can take to make sure you meet all of its requirements. You can find the quiz by going to the Capital Good Fund Loans page and clicking Use our eligibility check.
Generally, yes — though no website can ensure your information stays 100% safe. Capital Good Fund does its part by using SSL encryption to protect your personal details, and your application is password protected. It also doesn’t share any personally identifiable information with marketing companies or other third parties — many lenders do this and don’t allow you to opt out.
Rhode Island residents uncomfortable with applying online also have the option to visit the office in person, though it recommends you call to schedule an appointment first.
Am I eligible?
To qualify for a Capital Good Fund short-term loan, you must meet the following requirements:
Don’t have a bank account? You can use one of these prepaid cards as long as you’ve already used it for at least two months:
You can apply online or in person at Capital Good Fund’s office. Since Capital Good Fund’s application involves a hard credit pull, you might want to take Capital Good Fund’s eligibility quiz before you get started.
Follow these steps to take Capital Good Fund’s eligibility quiz:
If you’re eligible, you can directly get started on your loan application:
After you submit all required documents, a loan officer should get in touch with an offer within two business days. If you accept, sign your loan documents online and receive your funds in your bank account within one to two business days.
You might need to provide some or all of the following documents when applying for a Capital Good Fund short-term loan:
Now you have to start repaying your loan in monthly installments. If you took out an Other Personal Loan, you have two years to pay off your loan. With the Emergency Loan, you have one year. Since Capital Good Fund doesn’t charge any prepayment penalties, you might want to pay it off early to save on interest.
If you have any questions or concerns, reach out too Capital Good Fund either through its live-chat feature or by calling 866-584-3651.
Capital Good Fund offers affordable alternatives to payday and installment loans — and doesn’t require a bank account. But it’s not the best option if you need money today, since it can take up to four business days to process. And it’s only available in a handful of states.
You can see how it compares to other short-term lenders or explore other loans that don’t require a bank account by checking out our guides.