Helping You Reach Your Financial Goals

Save First Loan Programs

Established to help you reach your financial goals - whether to build credit, pay off debt, or respond to a life emergency. We offer affordable loan options designed to meet the needs of many participants.

Credit Builder Loan

This is the perfect way to build credit, whether it’s your first loan or if you’ve had some credit issues. The Credit Builder Loan is set up more like a savings plan, where after 12 months of on-time payments we return the principal balance of your payments back to you, less any interest owed, AND you will have established a good payment history as we report your payment history every month to 2 of the 3 major credit bureaus.

Details

Rate: 6% Interest


Fee: $15.00 application fee (non-refundable)


Monthly Payment: $25.82


Total Fees/Interest: approx. $24.84 over 12 months ($0.82 x 12 + $15)


Amount Returned: after 12 on-time payments, the $300 principal ($25 x 12) will be returned to you.

Qualifications

  1. You must be 18 years or older, or have an adult co-sign on your behalf
  2. Proof of Oregon Residency
  3. Contact our Asset Building Specialist to enroll in our Financial Wellness program
  4. Register and attend our Financial Education workshop (available online)
  5. Apply for Loan
  6. Sign Up for One on One Financial Coaching (remote coaching available)

Comparisons

Rate: Some CDFIs and Credit Unions can offer interest rates under 10%, but rates of 15-21% are not uncommon among online companies and larger institutions. Make sure you do your research.


Total Fees/Interest at:

10%: $31.20 ($16.20 interest + $15 application fee)

15%: $39.30 ($24.30 interest + $15 application fee)

20%: $47.40 ($32.40 interest + $15 application fee)

For more information, or to apply, call 503.688.2643 or email Randy@SaveFirstFinancial.org

Learn More

Small Dollar Loan

A small dollar loan may be what you need to help get through a tough time. Save First Financial Wellness offers low interest small dollar loans up to $2000 to help you achieve your goals. At 9% interest, you can utilize this opportunity to pay off higher interest loans, consolidate debts, pay back taxes, avoid collections, or get out of the vicious high interest payday or title loan cycle – all while improving your credit profile.

Details

Term: 12-24 Months


Rate: 9% Interest (Right now, Save First Financial Wellness is also offering interest refunds to eligible first time small dollar loan borrowers who make all of their payments on time)


Fee: $15.00 application fee (non-refundable)


Total Fees and Interest: $15 + interest (varies based off loan amount and length of loan)


Your Assets Specialist or coach can answer questions to help you decide which options best suit your situation.

Qualifications

  1. You must be 18 years or older, or have an adult co-sign on your behalf
  2. Proof of Oregon Residency
  3. Provide 2 months of pay stubs or proof of income
  4. Provide 2 months of personal bank statements
  5. Provide most recent tax returns
  6. Demonstrate ability to make monthly payments
  7. Contact our Asset Building Specialist to enroll in our Financial Wellness program
  8. Register and attend our Financial Education workshop (available online)
  9. Apply for Loan
  10. Sign Up for One on One Financial Coaching (remote coaching available)

Comparisons

Pay Day Loans: While rates vary depending on state and federal regulations, the average rate of a payday loan in the U.S. is 391%, or $10-$30/2 weeks for every $100 borrowed.

Credit Cards: The average APR on a credit card in the U.S. is 21.21%.

Personal Loans: Personal loan APRs can range from 6-36%, with an average of 9.41%.


Interest charges on a $1,000 loan over 12 months:

Small Dollar Loan: $90.00 ($7.50/month)

Payday Loan: $3,910.00 ($325.83/month)

Credit Card: $212.10 ($17.68/month)

Personal Loan: $94.10 ($7.84/month)


Approximate Payment Examples:


For more information, or to apply, call 503.688.2643 or email Randy@SaveFirstFinancial.org