Capital Good Fund is really a bad-credit choice for crisis costs, although its loans are nevertheless expensive and available in only a few states.
Our Take
The line that 
is bottom Capital Good Fund provides a lower-cost option to payday advances, with quick financing and consumer-first features.
Capital Good Fund
Pros & Cons
Accepts bad credit.
For sale in restricted quantity of states.
Compare with other Loan Providers
NerdWallet’s ratings are decided by our editorial group. The formula that is scoring into consideration facets we give consideration to become consumer-friendly, including effect to credit rating, prices and fees, client experience and accountable financing methods.
NerdWallet’s ratings are dependant on our editorial group. The formula that is scoring into consideration facets we think about to be consumer-friendly, including effect to credit history, prices and costs, consumer experience and accountable financing methods.
Compare estimated rates from numerous loan providers
Have more smart money moves — directly to your inbox
Turn into a NerdWallet member, and we’ll send you tailored articles we think you’ll love.
Comprehensive Review
Capital Good Fund is an on-line, nonprofit loan provider which makes installment loans to borrowers with low earnings with no credit rating or credit that is bad. Its borrowers typically require money for emergencies or even to help bridge an earnings space within a time that is difficult.
With prices that don’t meet or exceed 24%, Capital Good Fund unsecured loans are much cheaper than pay day loans , but are nevertheless an option that is costly crisis costs. The loans are now available to customers in six states: Delaware, Florida, Illinois, Massachusetts, Rhode Island and Texas.
If you’re borrowing for short-term or crisis costs, NerdWallet suggests checking out alternatives first.
Typical uses of Capital Good Fund loans include vehicle repairs, safety deposits, refinancing debt that is high-interest catching up on rent or bills. The business could possibly offer low prices to customers as it partly runs on contributions and funds, Posner claims.
The financial institution is regarded as a couple of providing a product that is alternative those impacted by COVID-19. Find out about its loans that are small other loan relief choices .
Capital Good Fund Loan Kinds
Capital Good Fund provides several loan items in line with the utilization of loan profits.
Emergency loans
These loans may be used for monetary emergencies, like having to pay utility that is overdue and little debts.
Amount: $300 to $500
Year Repayment term: Monthly payments over one
Immigration loans
These loans can protect immigration-related costs, like acquiring citizenship and securing or renewing a card that is green. Capital Good Fund has staff fluent in English and Spanish, Posner claims.
They’re organized differently with regards to the quantity you borrow. Almost all of immigration loans are over $2,000.
Loans $2,000 and under
Amount: $700 to $2,000
Repayment terms: monthly obligations over 2 yrs
Loans over $2,000
Amount: $2,001 to $20,000
Repayment term: monthly obligations over four years
Other loans that are personal
These loans may be used for such things as vehicle repairs and safety deposits, not to settle other financial obligation.
Amount: $700 to $2,000
Repayment terms: monthly obligations over couple of years
Simple tips to be eligible for a Capital Good Fund loan
To be eligible for a loan from Capital Good Fund, you’ll need a banking account or card that is prepaidsuch as for instance NetSpend, PayPal or U.S. cash) with 8 weeks of statements and earnings which can be confirmed with pay stubs or deposits into a banking account, for instance.
Additionally you must are now living in one of several six states where Capital Good Fund runs to be eligible for that loan.
You don’t need a credit rating or history to get that loan. Them, Posner says they’ll be considered when you apply for a loan if you do have.
Banking history is considered the most important aspect considered for approval, relating to Posner. The organization discusses the typical daily stability in your money and whether you’ve had any overdrafts.
Posner states these records shows not just in cases where a debtor has sufficient earnings to cover the mortgage, but additionally if they keep sufficient cash inside their account every to do so month.