What are CEO Personal Loans?
CEO Personal Loans are small installment loans that offer applicants flexible funds to support their financial health and goals. Common uses include refinancing high-interest debt, car repairs, security deposits/moving costs, or paying for unanticipated expenses.
Who can apply?
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. CEO also requests applicants engage in a 1:1 “Financial Fitness” check-in with a Financial Coach prior to or during the application process. Some partners may have additional requirements for program participation – ask your local partner about any additional terms.
It is important to note that being eligible to apply for an Auto Loan is very different than being approved for a loan. Please review the document titled How CEO Makes Loan Decisions for important information on getting approved for a CEO loan.
How much will it cost?
The monthly payment amount will depend on the total loan amount and the number of months to repay. Generally, the longer the repayment on a loan, the lower the monthly payments but the higher the total interest paid will be. As with all CEO loans, rates are fixed and will never increase after you sign your contract.
Other things to consider
- If you need money immediately, CEO Personal Loans may not be the right tool. Even if you have all the required attachments listed below and submit an application today, it may still take up to one week before CEO can make a loan decision. Bank processing times are likely to further increase the time it takes before you can access funds.
- During the loan application, you will be asked about your current financial goals and how the Personal Loan request connects to your goals. For assistance with financial goal setting, contact your local partner to engage with a Financial Coach.
How to apply
- Visit your local IRC office to complete a CEO Loan Application and meet with a Financial Coach. Here’s a list of the items you’ll need for the loan request:
- Personal email address
- Valid government-issued photo ID
- A checking bank account based in the U.S. with routing and account number
- 2 most recent monthly bank statements (personal and business)
- 2 most recent pay stubs or other verifiable income statements
- Your financial coach can help you complete your application (loan decisions are usually made within three weeks of application).
- If approved, your contract will be ready for signature within three (3) business days of approval notification. You can review and electronically sign your loan contract.
- Funds are deposited directly into your bank account via electronic ACH and are available within one to three business days after signing the loan contract, depending on bank processing times.
Your local contact will be able to answer any additional questions you might have.
For California Residents
- CA FINANCE LENDER’S LICENSE #60DBO54868
- LOANS MADE OR ARRANGED PURSUANT TO CALIFORNIA FINANCE LAW LICENSE
- FOR INFORMATION CONTACT THE DEPARTMENT OF BUSINESS OVERSIGHT, STATE OF CALIFORNIA