Community Loan Center of Indiana – Affordable Small Dollar Loans

Offering affordable, small dollar loans
through payroll deductions

This employer-based model meets short-term lending needs without the burdensome fees and interest of payday loans. Employees apply for a CLC loan online, the loan is deposited in the borrower’s bank account, and then borrowers repay their loans each payday through payroll deduction.

Details

CLC loan features include:

Up to $1,000 loans
18% interest with up to 52 weeks to repay
$20 per loan origination fee
Employees apply online anytime with fully automated system
No cost of risk to employers

"Offering this benefit is good for business."

"We look towards recruiting and retaining.
We want to try to take care of our people."

"This says to our employees, we care not only about your physical health and your mental health, we also care about your family's financial health."

We Serve

Employers and Employees

FOR ALL

EMPLOYERS

Attractive and innovated employee benefit
Increases productivity, workplace moral, and employee retention
Reduces costs of employee financial stress
Reduces productivity lost from employee time spent on financial problems at work
Reduces costs of absenteeism – usually stress-related
Loan program is easy to administer
Access to employer portal at anytime
Employee may apply for loan after working hours

FOR ALL

EMPLOYEES

Inexpensive loans – $20 fee and 18% interest instead of 391% APR for a payday loan
Longer term of up to 12 months to repay, instead of 2 weeks
Low, affordable payments
Convenient payroll deduction
User-friendly application website
Easy approval – no credit checks and no collateral
Quick loan approval
Funds transferred directly into employee bank account
Loan proceeds can be used for any purpose, including to pay off payday loan debt
No prepayment penalty
Improved credit score through credit bureau reporting

Offering affordable, small dollar loansthrough payroll deductions

Details

Employers and Employees

EMPLOYERS

EMPLOYEES

Learn More

Offering affordable, small dollar loans
through payroll deductions