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0% Interest Loans that Aid You During Financial Hardship
($500-$2,000 loans are available)
What can you do when the unexpected occurs?
At Marine Credit Union, we want our culture to shine. To better represent and serve our employees, we’ve partnered with The Community Impact Fund (CIF) to establish an Impact Loan Fund as an employee benefit. This partnership invites our team members to receive help to meet their basic needs when faced with unexpected financial hardship in the form of a 0% interest Impact Loan up to $2000 that is to be repaid over 12 months.
We have provided an initial donation to establish our fund but it is essentially that employees who participate in the program pay back their loans so that money remains available for others to request and receive a loan. The sustainability of the fund depends on us working together as an employee community to pay it back and thus pay it forward.
CIF’s loan administration team will manage the fund on our behalf supporting you through your application and repayment process. They want to ensure this experience is a success and are ready to support you as needed. Please reach out to them with questions or if you are in a situation that is preventing you from making your monthly loan payment. They will work with you on a solution. See their contact information in hours of business in the footer.
What can you do when the unexpected hits?
When the unexpected happens, it can be difficult to pay for your basic needs. Payday loans, credit cards, and other high-interest debt are often used as a short-term solution for your financial problems, however, they come with extremely high-interest rates and fees, ultimately making them a long-term burden that makes the problem worse, rather than better.
MARINE CU offers Impact Loans for our employees at 0% interest with an extended repayment schedule. Once you pay back your loan in full, you are also eligible to receive a Savings Incentive bonus in order to help build an emergency savings fund. This helps households recover from financial hardship without getting trapped in another debt spiral from high-interest lenders.
Who Is Eligible to Apply?
You must be a part-time or full-time employee of Marine Credit Union and have been employed for at least 30 days.
You must be 18 years of age or older.
Who Is Eligible?
You must be an employee of MARINE CU.
You must be 18 years of age or older.
How to use your
Impact Loan benefit
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Frequently Asked Questions
Loan Application
Instructions
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How It Works
Impact Loans are a way to help you achieve financial well-being by giving you access to an interest-free loan that has an extended payback period. It also helps you save for emergencies. They are interest-free and are not reported to the Credit Bureau.
Step #1 – Apply
The first step to receiving an Impact Loan is to apply online. In order to be eligible to apply, you must be a part-time or full-time employee of Marine Credit Union and have been employed for at least 30 days.
It is a fast process that is anonymous so that you don’t have to worry about sharing your situation with anyone beyond The Community Impact Fund which administers the loans on behalf of Marine Credit Union. No one at Marine Credit Union will ever see your application or related documentation.
Once approved for an Impact Loan, your funds will be disbursed directly into your bank account via ACH.
Step #2 – Cover Your Expenses
The second step is to use the proceeds of your Impact Loan to cover any emergency expenses that would otherwise set you back further financially as described in your loan application. Examples of eligible expenses include:
- Transportation
- Healthcare
- Housing
- Taxes
- Debt
- Death/Natural Disaster
- Food
- Childcare
Step #3 – Build Savings
Part of financial well-being is having the security of an emergency fund. Marine Credit Union believes in this so much, we want to provide an added bonus for you once you pay your Impact Loan back in full.
This step was designed to speed up your progress toward building an emergency fund on your own. Once you pay your Impact Loan in full then you can start working toward your Savings Incentive.
Click here for more information.
What Does Financial Well-being Look Like?
Control over your day-to-day and monthly finances
Financial well-being means that you have full control over your finances. You have a plan and know what your money is going to do day-to-day and month-to-month. You are in control of your money and not the other way around.
Financial freedom to make the choices that make you happy
Financial well-being is having the ability to make the choices in life that make you happy so that you can fully enjoy life and not be a slave to your money.
Ability to cover emergency expenses
Financial well-being means that you can cover unplanned emergency expenses without using high interest debt. With the Impact Loan you can borrow at 0% interest, and when you pay it back, we help you save for a rainy day!
On track to meet your financial goals
Financial well-being is being on track to meet your financial goals, whether that be to purchase a new car, a home for your family, fund your kids’ college education or to save for your own retirement.