Credit Start
Credit Building Loan
This loan program will provide an opportunity for individuals who are credit-invisible or individuals who have a credit thin file to apply for a small dollar loan that will help build your credit without a security deposit requirement.
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Borrowers will also receive one-on-one financial coaching education that will help to strengthen their financial practices.
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Loan proceeds will go directly into a locked savings account; released upon loan completion. Applicants will be making deposits into a savings account for twelve months.
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Required Documents for Loan:
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A valid Government-issued photo ID
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Three months of personal bank statements
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One month of proof of income
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If self-employed – 3 months of business
bank statements
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Eligibility Criteria:
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Be a DC resident
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Be of 18 years of age
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Must be able to provide proof of ability to repay the loan
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Benefits of the Program:
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No up-front cost or fees
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We will not require a security deposit amount for the loan
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If unbanked, CAAB can assist the applicant in establishing a bank account with a
financial institution. -
Payments will be reported to the credit bureaus, creating a positive credit history that
can help to establish a credit score.
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