OUR SERVICES
Lending That Puts our Clients First
Getting Started
The Community Loan Center of Arizona is an affordable small-dollar loan program that aims to serve working individuals by providing short-term, fairly-priced loans. ​
The Community Loan Center of Arizona recruits local employers to offer this benefit to their employees as part of their employee benefit's package. This benefit comes at no cost to the employer, and once signed-up as a participating employer, their employees have the opportunity to utilize this benefit at any time through our convenient online portal at www.azclc.org
Benefits
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Access up to $1,000 without pulling a credit report or requiring collateral. Loans will never exceed 5% of employee wages so borrowing doesn’t place borrowers in financial peril. And unpaid debt is NEVER sold to a collection agency.
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Early Pre-payment with no pre-payment penalties.
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Quick and simple online application with loans funded in less than 48 hours pending employment verification (24-48 hours) and signing loan documents— your loan will be deposited into your checking account in 2 business days.
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Affordable monthly loan repayments over 12 months are processed through payroll deduction, so you don’t have to keep track of payments.
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Loan Renewals may be available after 50% of the original loan is repaid.
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Credit Building as your loan repayments are reported monthly to all three credit bureaus.
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Financial education and coaching.
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All CLC Borrowers are eligible to receive no-cost, no-obligation individualized support with financial coaching and education by phone, chat, or online. All sessions are free and unlimited. Our HUD-approved Housing Counselors offer Credit Counseling and Credit Report review and help you implement strategies to improve credit and build savings. We offer confidential one-on-one counseling, Credit Building and Repair, and Financial Education tools to assist you in meeting your financial and credit goals. Call us at 602-695-5116 or email at cheryl@azclc.org to get started.
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In addition, Pre-purchase Assistance, Housing Financial Down-Payment, or Matched Program assistance is available in select Counties. Foreclosure Prevention Assistance is available statewide at no fee. Call us at 602-695-5116 or email at cheryl@azclc.org to learn more.
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Loan Terms
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$400 - $1,000 Loan Maximum (or up to 50% of borrowers monthly income)
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One Year Loan Term
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18% Interest-Our interest rate is 18% and with a biweekly payroll cycle, the effective rate (what a borrower actually pays) is 9.6%.
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$20 Loan Origination Fee (built into repayments, so no upfront costs)
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No Collateral/No Credit Report
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No Prepayment Penalties
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Convenient repayment through payroll deduction
Requirements
• Minimum age: 18
• Employed for at least 3 months with participating employer
• Makes at least $800/month (to afford smallest loan of $400)
• Enrolled in Direct Deposit Payroll with Bank Account through your employer
• Valid driver's license or passport numbers
• Social Security number
• Hourly wage verified (without shift differential or bonuses)
• Position, supervisor, and department (not contacted for verification)
• Employee badge or ID (if applicable)
• Names, addresses, and phone numbers of 4 references
Repayment
CLC loans are closed-end installment loans with equal periodic payments due each payday through payroll deduction. CLC loans are amortized to include principle, interest, and a portion of the $20 loan fee. The $20 loan fee does not accrue interest.
You may repay your loan early with no pre-payment penalty.