The Small Dollar Loan program can lend to those not eligible for bank and credit union loans that require credit checks.

We offer low-interest employment based loans, which are fixed to ensure affordable payments and greater financial security.

Why borrow with the Small Dollar Loan program?

$1,000 loans available

No prepayment penalties

No hidden costs
18% fixed interest rate
21.8% APR based on $1000 loan at 18% with $20 fee

Payback period is 12 months

No credit check required

Free financial education & counselling

Frequently Asked Questions

No, we do not require credit checks on our Small Dollar Loans

If you leave your participating employer while you have a Small Dollar Loan, your scheduled loan repayments will be automatically drafted by us from your checking account, which you provide on your initial loan application. We will draft repayments from your checking account until your loan is paid in full.

Once you pay down half of your orginal loan balance, you can then apply for a new loan. However, a borrower can never have an outstanding loan over $1,000.

There is a $20 loan fee that you must pay. This fee is built into your loan, so you do not have to pay any upfront costs with the Small Dollar Loan program. The $20 fee does not accrue interest and the re-payment is divided evenly over the 12 month repayment period.

Yes! All Small Dollar Loan borrowers are eligible to receive free financial education with Southeast Missouri Economic Development Fund. We offer a variety of educational opportunities to help meet your financial goals – these include our popular “Money School”, home buying workshops and meeting with a personal financial counselor.

Apply for a Small Dollar Loan

It’s simple & free!