Affordable short- and long-term financing for low-income families.
Capital Good Fund is a community development financial institution (CDFI) that specializes in financing for low-income families. It offers everything from immigration and emergency loans to auto loans and refinancing. But it’s only available in four states. And you might be able to find a better deal if you have a high income and strong credit.
What types of loans does Capital Good Fund offer?
Capital Good Fund offers a variety of loans — from financing to cover an emergency expense to home improvement loans to make your home more energy efficient:
| Loan | Amounts | APR | Terms | What it’s for | Available in… |
|---|---|---|---|---|---|
| Emergency loan | $300 to $500 | 10% | 1 year | Emergency expenses like unpaid debts, utilities, medical costs and car repair | DE, FL, MA, RI |
| Personal loan | $700 to $2,000 | 24% | 2 years | Personal costs except unpaid debts or bills | DE, FL, MA, RI |
| Auto loan | $6,000 to $20,000 | 7% to 17.99% | 5 years | Buying a new or used car from a dealership | FL, MA, RI |
| Auto refinance loan | $6,000 to $20,000 | 7% to 17.99% | 5 years | Trading in your current car loan for more favorable rates and terms | FL, MA, RI |
| Immigration loan | $700 to $20,000 | 15.99% to 24% | 2 to 4 years | Application fees, green card applications or renewals, and other immigration-related costs | DE, FL, RI |
| Weatherization loan | $500 to $10,000 | 0% | 2 to 5 years | Home improvements to make it safer and more energy efficient, such as insulation | MA, RI |
Why should I consider taking out a loan from Capital Good Fund?
From its lenient requirements to its multilingual support team, here are a few perks of taking out a loan from Capital Good Fund:
- Bad credit OK. Capital Good Fund may be able to help you get financing — even with a less-than-stellar credit score.
- Payday and installment loan alternatives. Capital Good Fund could be a good source for bad-credit borrowers looking for an alternative to high-cost short-term loans.
- Options without a bank account. You can get an emergency or personal loan loaded onto a debit card rather than having it deposited into your account.
- 0% APR weatherization loan. Capital Good Fund’s weatherization loan is essentially free to qualified borrowers.
- Live chat on website. You don’t have to pick up the phone to get a quick response to questions in English or Spanish.
- Multilingual support. Capital Good Fund’s site is available in English and Spanish. You can also get support in Portuguese and Haitian Creole.
Where does Capital Good Fund fall short?
Consider these potential drawbacks before taking out a loan from Capital Good Fund:
- Hard credit check. Capital Good Fund does a hard credit pull when you submit your application. You might want to check your eligibility before you apply.
- Not all loans available in all states. Capital Good Fund serves residents of Rhode Island, Florida, Massachusetts and Delaware. But not all options are available in all four states.
- Not as fast as some alternatives. It can take a few days to get your funds. If you need money today, you might want to consider other short-term loans instead.
How much will it cost me to borrow with Capital Good Fund?
It depends on the type of loan you’re interested in. Generally, Capital Good Fund doesn’t charge anything other than interest, including no origination fees, prepayment penalties or late fees.
Everyone also pays the same rate regardless of loan amount, terms and creditworthiness — except on car and immigration loans. You might have to pay a deposit of $300 on car loans and $500 on auto loan refinancing, though as of May 2019, the lender has a $0 down offer.
| Loan type | Rates | |
|---|---|---|
| Emergency loan | 10% | Read review |
| Auto loan | 7% to 17.99% | Read review |
| Personal loan | 24% | |
| Auto refinance loan | 7% to 17.99% | |
| Immigration loan | 15.99% to 24% | |
| Weatherization loan | 0% |
Compare Capital Good Fund to other lenders
What do borrowers say about Capital Good Fund?
Not much as of May 2019. This is common with small lenders, especially those that only serve a limited area. It doesn’t have any reviews or ratings on the Better Business Bureau (BBB) website or Trustpilot. Its Providence office has three reviews on Yelp, earning it 3.5 out of 5 stars.
The majority of reviews were positive, with one saying they referred clients to the lender all the time. Another said while they’d gotten a high rate on the car loan, it was the only lender that was willing to work with them. The one negative review was from a borrower who had been denied because they had a court judgment and overdrafted their bank account once.
Are Capital Good Fund loans safe?
Generally, yes — though no website can ensure your information stays 100% safe. Capital Good Fund does its part by using SSL encryption to protect any details you enter on your application when you apply online. Its employees only have access to your data for task-related purposes and are required to sign a confidentiality agreement pledging to not disclose any client’s personal information.
While it does use some information for marketing purposes, none of it is personally identifiable.
How to apply for a loan with Capital Good Fund
You can apply for a Capital Good Fund Loan online. Rhode Island residents also have the option of stopping by its Providence office and applying in person.
Before you apply, make sure you meet the loan’s eligibility requirements. Then follow these steps to get started online:
- Go to the Capital Good Fund website and select your state.
- Scroll down and click Get a Loan.
- Click Get a Loan again.
- Click Sign Up to create an account.
- Enter your name, email and create a password. Then click Next.
- Click My Loans/Apply for a loan.
- Select the type of loan you’d like to apply for and follow the directions to enter your personal information.
- Upload any required documents.
Generally it takes up to two business days for Capital Good Fund to get back to you with an offer.
Eligibility requirements
Eligibility requirements vary depending on the type of loan you’re interested in. However, there are a few requirements you must meet to qualify for any loan from Capital Good Fund:
- Resident of Rhode Island, Florida, Massachusetts or Delaware
- Regular income
- Government-issued ID
- Over 18 years old
You can check if you’re eligible for a loan by filling out a form on Capital Good Fund’s website. It requires no personally identifiable information and has no affect on your credit.
More about Capital Good Fund
Capital Good Fund is a Rhode Island-based lender with a mission to help low-income families access affordable credit and get on the road to financial stability. It’s a US Treasury-certified community development financial institution (CDFI) — a nonprofit lender that aims to boost economically disadvantaged communities.
In 2015, it expanded from Rhode Island to Florida, Delaware and Massachusetts with the goal of offering 17,000 loans by 2020. To fund this expansion, it relied on both interest from its loans and investments from individuals and organizations. In addition to loans, it also offers financial coaching services.
Bottom line
Capital Good Fund could be a good option for low-income families that have struggled to get financing. And everyone interested in making energy-efficient home improvements might want to take a serious look at its 0% weatherization loan. However, it’s not available in most states and not ideal if you need funding the same day.
You can find out how it compares to other short-term lenders by checking out our guide to payday loans. Or find out how it stacks up to other auto financing providers by reading our guide to car loans.