Fee-Based Loan Option

What is Fee-Based Loan Option?

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 does not assert whether the Fee-based loan option and its terms comply with any specific religious doctrine.

The loan is issued with no interest. By default, the initial fee is financed and added to the borrower's original principal balance.

All CEO loan products, including those with a fee-based option, are available exclusively in the following states: AZ, CA, CO, FL, GA, ID, IA, KS, MA, MD, MT, NJ, NY, TX, UT, VA, and WA.

The following states have specific exceptions:

• Arizona – Only business loans are eligible.
• California – Business and consumer loans must exceed $5000.

If an applicant is interested in fee-based loan option, the coach or application may inquire with us, and we will provide a quotation based on our current interest rate and term. 

Who can apply?

CEO’s loans are designed to help individuals engaged with IRC’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 before or during the application process.

It is important to note that being eligible to apply for a 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.

Other things to consider

• All loans are permanently booked at 0% interest on the loan contracts and in all financial systems.
• 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.
• CEO does not assert whether the Fee-based loans and terms comply with any specific religious doctrine.
• CEO is a non-profit charitable organization. CEO exists only to enhance the financial health of its borrowers; all interest and fees collected are used to support its mission.
• All eligibility terms for CEO’s traditional interest-bearing loans still apply to the Fee-Based alternative loans.
• 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.

How to apply

1. Visit your local 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 U.S. checking bank account with routing and account number
   • 2 most recent monthly bank statements (personal and business)
   • 2 most recent pay stubs or other verifiable income statements
   • Other supporting documents, depending on the loan type
2. Using the link provided by your coach, you will complete your application and upload attachments to CEO, and we will let you know if we have any questions (loan decisions are usually made within three weeks of application). Be sure your financial coach knows you’d like a fee-based loan.
3. If approved, we will offer one of our fee-based loan options where you can confirm the loan amount and term requested.
4. For an auto loan application, you will be notified of pre-approval and you’ll have 60 days to finalize the purchase of a vehicle. Funds are deposited directly into Seller's bank account via electronic ACH or certified check.
5. For all other loans, funds are deposited directly into your bank account via electronic ACH and are available within two 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