CENTER FOR ECONOMIC OPPORTUNITY (CEO)
IRC’s Center for Economic Opportunity (CEO) is a non-profit lender specializing in making small-dollar loans to refugees and immigrants. CEO is certified by the U.S. Treasury as a national Community Development Financial Institution (CDFI) and currently has operations in 14 states. CEO currently offers small loans tailored to meet the practical needs of working families and new Americans including loans to build credit, buy a car, pay for training, start a business and other use cases that support overall economic empowerment. CEO does not accept loan applications from clients directly; instead, CEO works through partnership with IRC and other organizations that offer financial education and these partners refer their clients to CEO for financing.
All CEO loan applications must be submitted with the assistance of an IRC or SAFE financial coach, but CEO makes all final decisions regarding loan approval. Please see How CEO Makes Loan Decisions for more information.
CEO loans are currently available in the following states: AZ, CA, CO, DC, FL, GA, IA, ID, KS, KY, MA, MD, NJ, NY, TX, UT, VA, WA.
More information on CEO and their loan products can be found at www.irc-ceo.org.
GENERAL LOAN APPLICATION REQUIREMENTS AND RATES
Before applying for a CEO loan, including credit building loans, all applicants must meet the following requirements:
- Meet with a financial coach- A financial coach can help you achieve your financial goals and assist you in completing your loan application. To contact a financial coach please reach out to SAFE here.
- Attend a Credit Education Class- SAFE is offering live credit classes every month. Class information is located here.
Loan Rates
The chart below displays the loan rates for each loan as of April 15, 2024.
Discounted loan rates are available for:
- Certain ORR eligible humanitarian entrants that arrived in the US within the last two years of their loan application. See guidance document here.
- Individuals that exhibit good credit score (680+)
- For Auto-loans: individuals that put 10-20% down-payment down on their car purchase.
More information on rates and discounts can be found here.
Fee-Based Alternatives
Many of our clients do not want to pay interest due to religious reasons. CEO offers fee-based alternatives for every type of loan we offer. Fee-based loans have a comparable overall cost to CEO’s interest-based loans and some feel they better align with their religious beliefs. Fee-based SAFE Auto Loans have also been discounted.
Fee-based options available - contact for more information.
Credit Building Loan
CEO’s credit building loans aim to help borrowers build their credit by making small payments towards their loan over time. The credit-building ladder allows applicants to continue building their credit over several years. Completion of 1 credit building loan, leads to automatic approval for the next level credit building loan. All credit-building loans are 0% APR.
Credit Building Loan Eligibility
Individuals interested in credit building loans must meet general requirements listed above for approval.
Auto Purchase Loan
Auto loans offer funds to finance a vehicle purchase.
- Total purchase price (not including fees, taxes) of vehicles financed using loan cannot exceed $30,0000
Auto Loan Rates
The interest rate on this loan product ranges from 8.99 –11.99%. Applicants are eligible for discounted auto-loan rates for the following: ORR eligible humanitarian entrants that arrived within the last two years of application; exhibiting good credit (score 680+) ; and by putting 10-20% down-payment on their car purchase.
Auto Loan Eligibility
In addition to the General Loan Requirements above, individuals must meet the following requirements to be considered for an auto purchase loan:
- Attend an Auto Purchase Class- SAFE is offering live auto-purchase workshops. The workshop schedule is located here.
- Valid government-issued Driver’s License- For information on getting a license, check out information at your state’s Department of Motor Vehicles (DMV).
- Bank Statements (2 months if available)
- Proof of Income and/or employment
Auto Refinance Loan
Auto refinance loans offer financing to replace an existing auto-loan with a new one with better terms. To apply for this loan, individuals must provide proof of their remaining loan balance (payoff letter) as part of their application.
Personal Loan
Personal Loans are small installment loans that offer applicants flexible funds to support their financial health and goals. Common uses include refinancing high-interest debt, car repairs, security deposits/moving costs or paying for unanticipated expenses.
Personal Loan Eligibility
In addition to the General Loan Requirements above, individuals must meet the following requirements to be considered for a personal loan:
- Bank Statements (2 months if available)
- Proof of Income and/or employment
More information on personal loans can be found here.
Education and Training Loan
Education and training loans offer financing to pay for short-term training and achievement of an industry-recognized certificate or credential. Funds can be used towards tuition or direct expenses, such as textbooks, uniforms, and equipment required to complete the course.
Education and Training Loan Eligibility
In addition to the General Loan Requirements above, individuals must meet the following requirements to be considered for an education and training loan:
- Training Program Information(including costs for tuition and other expenses related to the training)
- Bank Statements (2 months if available)
- Proof of Income and/or employment
More information on education and training loans can be found here.
Immigration Loan
Immigration Loans offer clients of IRC’s Immigration Services access to flexible financing that can help pay for USCIS fees and/or other expenses related to an active IRC Immigration Services case.
Immigration Loan Eligibility
In addition to the General Loan Requirements above, individuals must meet the following requirements to be considered for an immigration loan:
- Referral or confirmation from IRC Immigration Staff
- Bank Statements (2 months if available)
- Proof of Income and/or employment
More information on immigration loans can be found here.
While you are waiting to schedule an appointment with a financial coach, we encourage you to get started on the items above and register for an upcoming class here!