Loan Policies

Appointments:

Cancellation Policy

Lateness Policy

No Show Policy

Eligibility:

Loan Eligibility

How We Decide (also called Underwriting)

Schedule of Fees

Privacy Policy

Document retention policy

Client Protection Standards

Cancellation Policy

We understand that situations arise in which you must cancel your appointment. It is therefore requested that if you must cancel your appointment you provide more than 24 hours notice. This will enable for another person who is waiting for an appointment to be scheduled in that appointment slot. With cancellations made less than 24 hours notice, we are unable to offer that slot to other people. Cancellations made less than 24 hours in advance are considered No Shows (see below).

 

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Lateness Policy

When you make an appointment with us, we are committing to having enough time to serve you. That affects how many other clients we can take on. For that reason, it is important to arrive on time, taking into consideration traffic and other delays (such as construction in the Lloyd Center Mall).

If you arrive more than 10 minutes late, we will ask you to reschedule for another time. If you know you will be arriving late, please call our office before your appointment time and we may be able to make a policy exception, depending on circumstances and schedule availability.

Late arrivals will not have their appointment times extended, meaning that arriving late will shorten your appointment.

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No Show Policy

When you fail to show up for an appointment, you affect our ability to help other clients and to help you in a timely manner. No shows may result in delayed services, for example, delayed loan application processing times.

No shows are responsible for calling and rescheduling their own appointments.

If you no show to two or more appointments, you must wait 3 months to reschedule for another appointment. You will need to resubmit any applications or supporting documents after that time, as unapproved applications are not retained after 3 months.

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How We Decide (also called Underwriting)

When we look at an application, we consider the whole picture, not just your credit score and income level. We are committed to only lending you what you can successfully pay back; we do not want our loans to cause you additional stress, or damage your credit.

We look closely at the following:

Income and budget. This is also known as "Ability to Pay." We look at how long you have had your income source, how often you switch jobs (if you work), how many hours you typically work, and other factors. We also ask all borrowers to create a household budget, including all expenses, so you know where your money is going and how much you have left over each month for a loan payment. We aren't judging your spending habits; we have a responsibility to you. We promise not to lend you more than we think you can pay back, because we don't want to make your financial situation worse.

Housing. We take into consideration how often you move and how much you pay in rent, because secure housing can affect the rest of your finances.

Bank or prepaid card statements. Lots of overdrafts, negative ending balance, low ending balances, or deposits or withdrawals that aren’t included in your budget can indicate problems that can affect your ability to pay a loan back. (Pro tip: Be sure to look at your bank statements while you fill out your budget!)

Credit. We do not require a specific credit score, but we will review your report and go through it with you. We look at how many recent collections you have (past 2 years), how large collections are (which affects how likely you are to be sued), recent repayment history, and inquiries, among other factors. Few of our clients have excellent credit, but most are working on catching up and improving their repayment history.

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Loan Eligibility

Any individual referred by a Partner who meets the criteria for a Qualified Borrower is eligible to apply.

We are committed to our borrowers' financial futures. It is our responsibility to ensure that we are not lending more than our borrowers can pay back. 

To qualify you must:

  • Be at least 18 years old.

  • Have a valid U.S. government-issued photo I.D. or Matricula card.

  • Provide proof of Oregon residency; OR ID or 1 utility bill or 2 pieces of mail (not including magazine subscriptions or shut-off notices) listing current address & sent within 60 days of application.

  • Provide verifiable history of either steady residence or employment for a period of six months prior to the application date.

  • Provide proof of income: Requests up to $300 require proof for 1 full calendar month, between $350 to $500 require at least 3 full consecutive calendar months, and between $550 and $1,000 require at least 6 full consecutive calendar months prior to date of the application.

  • Have at least one open and active bank account that reflects the same address as that on the application and covers at least the 30 day period prior to the application date. Bank account waivers are available in some cases. Certain conditions apply. The accounts must be in good standing, cannot be currently overdrawn, and should not show a history of habitual overdrafts.

  • Applicant may not have defaulted on any previous IC$ loans.

  • Provide at least 3 Personal References who IC$ can contact in case we cannot reach the borrower.

  • Not be involved in pending bankruptcy (exception: Credit Builder Loan may be accessed to begin rebuilding credit w/in 6 mos of a discharge but not if discharge is still pending).

  • IC$ will also run a credit check to identify any instances of fraud, outstanding payday loans, and to confirm the consumer’s identity. Additional criteria may apply. For example, excessive debt, a history of nonpayment, judgments/liens, large outstanding debts, or other factors may affect eligibility.

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Fee Schedule

New Opportunities Loans:

  • 5% loan fee (typically deducted from the loan itself)

  • 15% security holdback (a portion of the loan that is held back as collateral until the loan is paid off; similar to a deposit)

  • No application fee

  • See All Loans section below for additional fees

Take a Chance Loans:

  • 5% loan fee (typically deducted from the loan itself)

  • 5% security holdback (a portion of the loan that is held back as collateral until the loan is paid off; similar to a deposit)

  • No application fee

  • See All Loans section below for additional fees

Credit Builder Loans:

  • $25 application fee for individuals/$40 for couples

  • $30 processing fee deducted from the loan proceeds (for example, if the loan amount is $200, the borrower will receive $170 back after payoff).

  • See All Loans section below for additional fees

All Loans:

  • All loans have a 10 day grace period (no penalties for payments within 10 days of due date)
    Note: If your loan is set up for autopay (ACH), your payment will be withdrawn on the due date. If the due date is on a weekend, your payment will be withdrawn the next busines day. 

  • After the grace period, the late fee is 5% of the installment (the payment due)

  • $20 fee for bounced checks (subject to change)

  • $10 fee for bounced automatic payments (subject to change)

  • If we must file on you in small claims court to collect payment, filing fees will be added to the total amount due.

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Privacy Policy

Click here for IC$'s Privacy Policy

 

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Document Retention

We keep application documents (application forms and supporting documentation) for 3 months after the date of application.

We maintain client files for 3 years after the date of last payment activity.

We reserve the right to maintain electronic files in lieu of paper files/hard copies at our discretion and as allowed by law.

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Client Protection Guidelines

We maintain a client-centered approach to our work in line with the Center for Financial Inclusion's Beyond Codes guidelines on Client Protection.  These guidelines encourage microfinance institutions worldwide to advance six principles:

  • Avoidance of Over-Indebtedness. IC$ takes reasonable steps to ensure that credit will be extended only if clients demonstrate an adequate ability to repay and the loans will not put them at a significant risk of over-indebtedness.

  • Transparent Pricing. In accordance with this principle and applicable law, our pricing, terms and conditions of financial products (including APR, interest charges, finance charges, etc.) are transparent and adequately disclosed in a form understandable to clients.

  • Appropriate Collections Practices. Our debt collection practices are not abusive or coercive.

  • Ethical Staff Behavior. Our staff complies with high ethical standards in their interaction with clients and we ensure that adequate safeguards are in place to detect and correct corruption or mistreatment of clients.

  • Mechanisms for Redress of Grievances. We have timely and responsive mechanisms for complaints and problem resolution in place for our clients.

  • Privacy of Client Data. The privacy of individual client data is respected and such data is not used for purposes other than serving the client and reporting to donors without the express permission of the client.

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​​Call us:

(503) 249 5205