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     Loans and Matched Savings

   

 

 

 

 

 

 

Project Prosper's loan program is a 4 pronged approach that encompasses small no-interest loans, matched savings, financial mentoring, and financial literacy. 

Loans are given for a one-time expense at a 0% interest rate.  Throughout the life of the loan, borrowers are required to pay a 10% self interest that is held by Project Prosper in the form of savings for the borrower.  

Additionally,  each borrower is matched with a Financial Mentor throughout the term of the loan.  This mentor provides guidance and helps facilitate the borrowers participation in a financial education program.

Finally, borrowers are must complete a financial literacy course.  Borrowers either take a course through Project Prosper, or  mentors help connect each mentee borrower to an appropriate course offered by one of our community partners.

Upon successful repayment of the loan and documented completion of a financial education class, borrowers will receive not only their saved interest, but also a dollar-for-dollar match by Project Prosper.

Loan Eligibility

In order to qualify for a Project Prosper loan you must:

    1.  Be a documented immigrant

    2.  Have resided in the United States for 10 years or less

    3.  Currently live or work in Pinellas County

    4.  Have been employed continuously for at least 6 months

Loan Logistics

The maximum loan awarded is $1500

The maximum loan term is 24 months

A loan can be used for a wide variety of purposes including, security deposit on an apartment, auto purchase or repair, education, professional development or citizenship application fees, but must be a one-time need.

There is a 0% interest rate on the loan, but in place of interest borrowers pay a 10% self interest that is returned to the borrower upon full repayment of the original loan.

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