Need Assistance?

The community impact fund can help you by giving your company a place to donate and get a tax deduction while establishing and maintaining a hardship loan for your employees. Click below to learn more.

Employee Hardship Loans – Frequently Asked Questions (FAQs)

    1. What is an employee hardship loan?
      A hardship loan is a short-term, low- or no-interest loan offered to employees facing unexpected financial challenges, such as medical expenses, car repairs, housing emergencies, or family needs.

    2. Why are hardship loans offered through the Community Impact Fund?
      The Community Impact Fund exists to support employees in times of need, helping them avoid high-cost payday loans or credit card debt while staying financially stable.

    3. Who is eligible to apply?
      Eligibility varies by employer, but typically any active employee in good standing may apply for a hardship loan.

    1. How much can I borrow?
      Loan amounts depend on the situation and program guidelines but are generally designed to cover short-term emergency expenses (e.g., $500–$2,500).

    2. Do I have to pay interest?
      Most loans are offered at low or no interest to keep repayment affordable.

    3. How long do I have to repay the loan?
      Repayment periods vary but typically range from 6–24 months, depending on the loan amount and employee’s ability to repay.

    4. How are payments made?
      Payments are usually made automatically through payroll deduction to keep repayment simple and stress-free.

    1. How do I apply for a hardship loan?
      Employees can submit an application securely through the benefits marketplace or HR portal. Supporting documents may be requested to confirm the hardship situation.

    2. How quickly are loans approved and funded?
      Decisions are typically made within a few business days, and funds are often available shortly after approval.

    3. Is my application confidential?
      Yes. Applications are reviewed privately, and details are only shared with those directly involved in the approval process.

    1. Will applying affect my credit score?
      No. These loans are designed as an employee benefit and do not require a credit check.

    2. What happens if I leave the company while repaying the loan?
      If employment ends, repayment arrangements will need to be made directly with the Community Impact Fund.

    3. Are grants or other financial assistance available?
      In some cases, the Community Impact Fund may provide grants or additional resources for employees experiencing severe hardship.