Personal Loans

Any individuals engaged with our partner's related economic development programs.

• Applicants must complete training on credit, which includes bank statements and soft pull credit report reviews.
• CEO also requests applicants engage in a 1:1 "Financial Fitness" check-in with a Financial Coach before 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 a loan is very different than being approved for a loan. Please review the document entitled How CEO Makes Loan Decisions to familiarize yourself with the various factors that influence the approval process for a CEO loan.

Generally, you need proof of income that is verifiable by pay stubs, receipts, or other documents. There is no exact income threshold, as we consider your debt-to-income ratio during the application review process. The most important factor is your income compared to your expenses. Your income should be sufficient to cover your cost of living expenses and projected loan repayments.

Applicants relying on gig economy income (for instance, Uber, Lyft, DoorDash, etc.) must provide proof of three (3) months of consistent income in their applications to maximize their chances of approval.

Please review the document entitled How CEO Makes Loan Decisions to familiarize yourself with the various factors that influence the approval process for a CEO loan.

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 will be, but the total interest paid will be higher.
• As with all CEO loans, rates are fixed and will never increase after you sign your contract.
• Know your credit score! CEO's Personal Loans are great for those without good credit, but if you
  already have excellent credit, you may get a lower rate from another lender. 

The table below offers examples of total costs and estimated monthly payments for various loan sizes and terms.

Example Loans:

** Total interest and fees paid include the 2% closing fee and assume the maximum interest rate of 13.99%.

Personal Loans cannot be used with an Auto Loan as a down payment or to purchase a vehicle above $20,000. 

Applying for both a personal loan and an auto loan simultaneously could potentially impact your eligibility for a downpayment discount on the auto loan. You may only qualify for the discount if you can provide evidence of savings that will be used for the downpayment.

Please review Auto Loans for more information. 

• CEO Personal Loans may not be the right tool if you need money immediately. Even if you have all the required attachments listed below and submit an application today, it may still take up to three weeks before CEO can make a loan decision. Bank processing times will likely increase further 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. 
• CEO strongly recommends that both the applicant and financial coach include details about your financial goals and planning and how they relate to your loan. Its absence will not hurt an application's chances of approval, but understanding the applicant's financial context is helpful in our holistic evaluation process, especially for applications with multiple overdrafts and credit issues.
   

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, business, and savings if available) - make sure the statements are complete and not missing any pages
   • 2 most recent pay stubs or other verifiable income statements
2. Your financial coach can help you complete your application (loan decisions are usually made within three to four weeks of application).
3. If approved, your contract will be ready for signature within three (3) business days of approval notification. You can review and sign your loan contract electronically and link your bank account.
4. 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.