Second Chance
Credit Building Loan
This loan is design to help returning citizens build credit and provide financial assistance to address immediate needs as individuals transition back into society.
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Borrowers will receive one-on-one financial coaching education that will help to strengthen their financial practices as individuals navigate their path back into society.
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Required Documents for Loan:
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A valid Government-issued photo ID
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Most recent paystubs
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One to three months of 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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Additional Considerations:
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Borrowers will be required to complete a financial action plan to include concrete future goals
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The disbursements of the loan funds will be made directly to the court or vendor. The loan funds will not be given directly to the borrower.
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Benefits of the Program:
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Borrowers will have access to CAAB’s wrap-around services such as financial
empowerment workshops and financial coaching. -
If unbanked, CAAB can assist the applicant in establishing a bank account with a financial institution.
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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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