Have you found yourself in need of financial assistance during an emergency but had nowhere and no one to turn to?

Employees of our Agency and its subsidiaries can now receive emergency financial relief through Employee Help Emergency Loan Program (eHELP). EHELP offers affordable, low-interest emergency loans of up to one pay period’s net pay (up to $700) with monthly repayment through payroll deductions.

“Cars breakdown, water pipes burst; things happen when you least expect it,” says Fresno Community Development Financial Institution (CDFI) CEO Salam Nalia. “We want to be able to help our employees face emergency situations without the added stress about wondering how they will be able to finance the situation they face. We want to provide them with a responsible and affordable option.”

EHELP’s fixed interest rate of 9% is just one of the perks. “Some payday loan establishments – institutions that let you borrow money from your next paycheck – charge extremely high annual percentage rates of up to 900%,” exclaimed Nalia. “These outrageous rates do nothing to help the borrower pay off the debt or help them get back on their feet.”

Other terms and conditions include:

• Maximum loan amount is one pay period’s net pay or $700, whichever is lower
• Loan must be paid off within 12 months
• 9% fixed interest rate
• $15 loan fee upon approval
• There are no credit checks
• No collateral needed
• Fresno CDFI will control disbursements of funds via electronic transfer/wire (within 48 hours of approval) or mail a check (within 5 business days of approval).
• Repayment: Automatic payroll deduction every pay period beginning the next pay period from date of loan receipt as long as the employee is employed with the Agency or its subsidiaries
• If an employee leaves the Agency or subsidiary before the loan is fully repaid, Fresno CDFI will make affordable payment arrangements with the employee. A late fee of $25 per period will be applied to the account should s/he fail to comply with the repayment schedule for any remaining balance after termination of employment.
• Special repayment arrangements will be made for Head Start employees to accommodate unemployment during summer break.
• All borrowers will be required to attend a one-on-one Managing Personal Finances session with a Fresno CDFI-approved credit counseling partner.

Click here to apply online , or apply in person at Fresno CDFI located at 1900 Mariposa Mall, Suite 100. To qualify, Agency employees need to provide a valid identification, three (3) recent paystubs and evidence of debt to be cured by the emergency loan (i.e. a statement or bill such as a utility bill, mortgage statement, auto loan statement, demand letter, etc.).