Some clients' religious beliefs limit the types of financial products that they are willing to use. For these clients, CEO offers a fee-based alternative to our traditional interest-bearing loan products.
CEO assesses a 1-time fee at loan origination depending on the loan type, loan amount, and term option (see table below). The loan is booked at 0% interest and there are no other fees beyond the initial fee. By default, the fee is financed and is added to the borrower’s original principal balance.
CEO’s loans are designed to help individuals engaged with our partner’s related economic development programs. As with all CEO loans, applicants must complete training on credit. Some partners may have additional requirements for program participation depending on local capacity –ask your local partner about any additional terms. It is important to note that being eligible to apply is very different than being approved for a loan. Please review the article titled How CEO Makes Loan Decisions for important information on getting approved for a CEO loan.
*These are the only Fee-Based options (loan amount and term) presented in the table above
Other things to know
- All loans are permanently booked at 0% interest on loan contracts and in all financial systems. Note that CEO does not assert whether the fee-based loans and terms are compliant with any specific religious doctrine.
- Fees are non-refundable even if a loan is paid off early; there is no financial benefit to making larger monthly payments to pay off the loan early.
- All eligibility terms for CEO’s traditional interest-bearing loans still apply to the Fee-Based alternative (for example, Fee-Based Auto Loans still require financial education and auto purchase training)
- For Auto Loans, any additional funds more than the total vehicle price will be disbursed directly to the borrower, making the loan equal to one of the Fee-Based Auto loan options.
- CEO is a non-profit charitable organization. CEO exists only to enhance the financial health of its borrowers. All interest and fees collected by CEO are used to support its mission.
- Not all loans/loan sizes are available in all locations (see table below for details)