Microlending

The Society of St. Vincent de Paul can help with emergency expenses

Next Steps

Micro-Loans

For one-time emergency expenses

Sometimes we all need a little extra help!

St. Vincent de Paul — Monroe provides small dollar, low-interest loans to help with one-time emergency expenses. Microloans are offered between $500 and $2,500 at low interest rates. They are offered for up to two years through local banks with individualized repayment plans. Financial education and other support is also offered to borrowers. Microloans are an alternative to payday or auto title loans. They are meant to prevent the use of and/or payoff these types of loans which cause immediate and long term harm to borrowers.

Microlending Application

St. Vincent de Paul, helping people over troubled waters

Eligibility:

You must live in Green County, have a current emergency expense between $500 and $2,500,

have a regular monthly household income at or below 300% of the federal poverty level (FPL),

be willing to have a bank account, and

your monthly debt-to-income ratio is under 47%.
- Calculate this by adding your housing costs to your monthly debt repayments. Next, divide that number by your gross monthly income.

Eligible Loan Expenses

YES

NCar repair

NPaying off a high interest payday or auto title loan

NMedical expense not covered by other means

Ineligible Loan Expenses

NO

MMonthly bills like car payments

Mutilities or credit card payments

MSecurity Deposits

MRent or mortgage payments

Application Process

How To Request

Before applying for a microloan, please make sure that you meet the applicant requirements above. If you qualify, follow this application process:

Complete the Microloan Candidate Interest Form. A representative will respond to your interest within five business days.

Candidates meeting preliminary criteria will be invited to complete a Microloan Application with program staff.

Applications will be reviewed by the St. Vincent de Paul — Monroe Microloan Committee.

Qualifying applications will be forwarded to a local bank partner for final review.

Microloans will be finalized between the bank and the borrower.