CLC – FAQ

 

 

 

Frequently asked questions about the Community Loan Center Affordable Small-Dollar Loan Program

Q: What are the terms of the CLC loan?

A: The Community Loan Center offers one year loans for up to $1,000 at 18% interest with a $20 administrative fee. Borrowers may repay their loan through convenient payroll deduction. The loan payments are due on every payday.

 

Q:  How do I apply for a small dollar loan?

A: The Community Loan Center of Texas offers Affordable Small Dollar Loans to eligible employees of enrolled employers. You can find the loan application on our website at http://www.clcbv.org

At this website, please select the option, ‘Apply Here’. You will then be directed to the loan application page. Please read the license agreement and mark the box on the lower left side of the page that you agree with the terms and conditions and then select ‘Start My Application’ on the lower right side. To apply for a loan, you will need to provide your employment information, SSN, Identification numbers, your salary information, four references and their contact information, and a valid checking account number.

 

Q:  Is there a Spanish language website?

A: Yes, when you apply for the loan you will have the opportunity to select Spanish language by selecting ‘Espanol’ in the upper right hand corner of the first page.

 

Q:  How much money may I borrow?

A:  You may borrow up to ½ of your gross monthly income not to exceed $1,000.

 

Q:  Is there a loan store?

A:  No, the loans are only available online.

 

Q:  If I get a loan do I owe money to my employer?

A: No, you borrow money from the Community Loan Center (CLC) and your loan payments are withheld from your paycheck and sent to the CLC each pay period until the loan is paid off.

 

Q:  Do you require a credit report to get a loan?

A:  No.

 

Q:  Is there a loan fee? If so how is that paid?

A: In addition to the 18% interest on the loan, a $20 administrative fee is required to process your application. This fee is included in your loan amount and repaid over the course of your loan term.

 

Q: After I submit the loan application, how do I check the status of my loan application?

A: After applying for a CLC loan, you may check the status of your loan application by returning to the www.clcbv.org website and select the link, ‘LOAN STATUS’ in the upper right hand corner of the loan application (see screenshot below). When you select ‘LOAN STATUS’ you will be asked to enter your Social Security number and you must include a dash in between your Social Security Number, i.e. 123-45-6789 (see screenshot below). If your employment has not yet been verified by your employer, the website will ask you to check back later.

 

Q: How will I know if my loan has been approved?

 

A: After your employer verifies your income and employment information, you will receive an email message prompt to return to the website at www.clcbv.org to sign your loan documents. You may also recheck your Loan Status on the system after your employment has been verified and your loan documents will appear on the system for you to sign electronically. Once the loan documents are signed, your status will no longer appear on this page.

 

If the information you provide on the loan application is correct and complete and if you are an employee that is eligible to apply for a loan, your loan application will be approved after your employment has been verified. Please read these loan documents carefully and then electronically sign the loan documents on the website and your loan proceeds will then be transferred into your checking account typically by the end of the following business day.

 

When you open the loan documents, you will be able to review the loan details, including annual percentage rate, finance charge, and total payments. All required disclosures are provided as part of the loan documentation. A Spanish version of the loan agreement is available as well.

 

After you have signed and submitted all signatures electronically, your loan will have been completed and the funds will be set to be deposited into the bank account you have provided us with on your loan application.

 

Q. I entered the wrong information on my loan application (Name, email, or bank account info, etc.). Can you update it for me?

A: Before employment has been verified, the employer will have the ability to edit: department, job title, badge number, date started, supervisor, supervisor phone #, earnings, and payroll cycle. All other changes to the loan application must be reported to the Community Loan Center loan servicing department in order to be corrected. You may contact a CLC Representative at 979-595-2809×2 or by emailing Bill.Kickham@bvahc.org for help with making this type of correction to your loan.

 

Q:  Where do you send my loan proceeds?

A:  Your loan proceeds are deposited into your bank account.

 

Q.  How long do I make payments on a $1000 loan?

A: This short term loan is for one year. The application will calculate your monthly payment for you based on the amount borrowed and how often you are paid.

 

Q: What is the interest on a $1,000 loan?

A: The interest rate for all CLC borrowers is 18% plus the $20 Administrative fee. Feel free to go to our website to learn more. http://www.clcbv.org

 

Q:  How much is the loan payment?

A: Your loan payment depends on how much you borrow, how long you make payments and how often you are paid by your employer. Before you submit your loan application, you will know how much your payments will be. If you would like an estimate of your loan payment before you apply, please following this link: http://demo.loancenterapplication.com/Loan

 

Q.  Am I able to repay my loan early?

A: Yes, you have the option to pay your loan off early with no penalty. To determine your loan pay off amount, contact your loan specialist at 979-595-2809 or by email.. You may then schedule a wire transfer of funds to pay off your loan early since we do not accept cash or checks.

 

Q: Is there a pre-payment penalty?

A: No. There is no pre-penalty fee for paying off your loan early.

 

Q: I submitted an application yesterday. Your system says waiting for Employment Verification. How long will that take?

A: Your employer will verify your employment during regular business hours. You are eligible for a CLC loan if you are a full time employee, at least 18 years old and if you have been employed for over three months. Once employment has been verified and the loan has been approved, your loan documents will appear on the system when you check your status so please check your status regularly. When you open the loan documents on the website, you will be able to review the loan details, including annual percentage rate, finance charge, and total payments. All required disclosures are provided as part of the loan documentation as well as a Spanish version of the loan agreement. After you have signed and submitted all signatures electronically, your loan will be approved and the following business day, you loan funds will be deposited in your bank account. The length of the process varies on how soon we receive verifications and on how long it takes the funds to clear at your bank.

 

Q: When checking loan status, I’m receiving an “Application cancelled, please try again” message. Have I been denied?

A: You have not been denied, unless you have received a notice stating so. There may be instances when loan applications expire. This may be if they were not verified in time, if there was incorrect information provided, or an error in our system’s processor. Please reapply and let us know if you continue to receive error messages. If necessary we can walk you through the application process to reduce the chance of error.

 

Q: I just received a loan and just signed my documents but I want a copy of the documents I signed how do I get that?

A: You can print the loan documents out directly from the system when you are signing them. They are also sent to your email address.

 

Q: Do I need to set up an appointment to apply?

A: The Community Loan Center has no store fronts. The application is completely online. You can find the application on our website: www.clcbv.org

 

Q: Is my loan being reported to the Credit Bureau?

A: Yes. Timely loan repayments can help increase your credit score.

 

Q: How does this help my credit score?

A: The Affordable Small Dollar Loan Program will help your credit by showing an extension of credit from a lender and a positive payment history.

 

Q: I was approved for a loan and also signed my documents today, so when should I get the funds in my account?

A: From the time your signed loan documents are received, the funds will be deposited in the bank account you have provided us at the end of the next business day. Possible delays may vary on how banks process incoming transfers. If you do not receive your funds within two business days, please contact your loan specialist at Bill.Kickham@bvahc.org, or call 979-595-2809

Q: Will you call my supervisor for verification? I am inquiring because personally I do not wish for my supervisor to be aware of my personal business affairs.

A: Your employer has chosen to offer the CLC loan program to eligible employees as an innovative employee benefit. When you apply for a loan, your employment will be verified by the designated specialist in human resources or personnel. Unless your supervisor is in the HR department, your specific supervisor will not be contacted.

Q: I applied for the loan, it was approved, and I signed the loan documents. Now when I go to check status it says that my social security number is unable to be located. I was wondering what went wrong.

A: After you submit your loan document electronically, you will no longer be able to check your loan status on the application site. You will receive emails with your confirmation and loan documents.

Q: I need to know how to complete survey?

A: The opportunity to complete a borrower survey will appear after you complete your loan documents. The purpose is so we can better assess the outcomes of our loan program. Please let me know specifically what you are having trouble with so that I can work through helping you complete the survey.

Q: I was approved for the loan; however my bank returned the loan funds because it had the wrong payee name on it. Can you correct that and reissue the loan ASAP?

A: Yes, we will need to verify that the information that you submitted is accurate. We appreciate your patience and it will take a couple days to receive the returned funds, resubmit the funds, and have them clear with your bank. If you do not see funds in your account in 3-4 days, please give us a call so that we can look into this further. We suggest that you call your bank to have them expect a deposit for funds into your account from the Community Loan Center. NOTE: Always double check your name spelling, middle name, bank information on each page of your loan application to avoid these delays.

 

Q: I do not understand why you are saying you can’t verify my employment. I checked my loan status which stated “Unable to Verify Employment, Please Contact Your Employer…” Who do I contact at my employer to find out the reason they were unable to verify my employment?

A: The information provided is submitted to your employer for verification. They look specifically at your employee number, SSN, and name. If information that submitted was incorrect it could cause a delay or declined application so you should check with your HR department to make sure data is correct. We appreciate your patience in the Employment Verification Process. If your application is declined, but you are an eligible employee please reapply. Your loan specialist can even walk you through the application process if that is helpful.

 

Q: Can retired employees apply?

A: Unfortunately retired or former employees cannot apply. Verification of employment is required and the borrower must have been employed at this workplace for at least the last 3 months.

 

Q: Message how do I renew my loan and receive more funds?

A: You may renew your loan when your loan balance is less than half of the original loan amount. You may renew your loan the same way you applied for your original loan using your social security number. When the loan renewal is approved, the outstanding loan balance will be paid off using the new amount, you will receive the remainder of the renewal loan amount and then you will start making payments for the new balance on your next payday.

For example: If you have paid your original $1,000 loan to a balance of $500, you are eligible to renew your loan. When you apply for a renewal, your original balance of $500 will be paid off first, and then any amount over that original balance will be deposited into your account. If your original loan balance is $500 and you wish to borrow an additional $300, you must apply for a new $800 loan…the first $500 will be used to pay off your original loan balance and the remaining $300 will be deposited into your account.

Your new payment amount, 12-month payment schedule, total amount borrowed and amount deposited into your account will all be clearly listed on your loan documents which you must electronically sign.

Please review those documents to ensure that you are applying for the loan amount that will provide what you wish to have deposited into your account.

Q: I received a payroll deduction; however I have did not sign up for a loan and have not received funds.

A: Bring this to our attention, either e-mail Bill.Kickham@bvahc.org or call 979-595-2809 right away. We will contact your employer’s payroll department immediately so that you can be refunded.

 

Q: I’m having trouble managing my money…is there anyway CLC can help?

A: YES!!! As part of the Community Loan Center’s commitment to increasing the Financial Capability of the community, one-on-one Financial Coaching is available from the Brazos Valley Financial Fitness Center. Simply contact your HR Deparment and ask if there are any open slots for your employer and call 979-595-2809 x 6 or e-mail Byron.Haney@bvahc.org.

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