Capital Good Fund Loans

Capital Good Fund loans are short term loan options that serve as an alternative to payday loans, pawn shops, buy-here-pay-here auto dealers, and other high-interest loan products. There are various loans to fit clients’ different needs (Emergency Loans, Weatherization Loans, Car Loans, Immigration Loans, Other Personal Loans). Loan amounts vary depending on the type of loan (see list of loans below). To find out if you qualify for a loan, you can use the Capital Good Fund’s Eligibility Check.

Who qualifies?

  • Must be a resident of Rhode Island, Florida, or Delaware
  • Must have proof of income
  • Must have an active bank account or a approved pre-paid card

How to apply

To get started, fill out an application online and send to the Capital Good Fund with two months of bank or prepaid card statements. Applications can also be filled out at the Capital Good Fund office by appointment (22 A Street, Providence, RI 02907) or by calling 866-584-3651 extension 302. The easiest way to contact a customer service representative is to email [email protected]

If you are pre-approved, you will need to submit the following documents either in-person or online* Loan decisions on complete applications are guaranteed within two business days.

  • Proof of purpose of loan (examples: copy of bill, note from mechanic, apartment listing, etc.)
  • Copy of government-issued ID
  • Voided check or prepaid card with ACH features

*More documentation may be required.

Once approved you can choose to do a loan closing with Capital Good Fund either in person or electronically. For an in-person closing, a Capital Good Fund loan officer will walk you through the loan contract, answer questions, and hand you a physical loan check.

For an electronic closing, you can sign the documents without coming to the office. You will need to have access to a web-enabled device; it can be a smartphone, tablet, laptop, or desktop. You can use the device to securely sign the loan contract. The funds will be directly placed in you checking or savings account (Prepaid card accounts are not eligible for electronic closing). If you prefer a physical check, you must do an in-person closing. You will receive an email with a link to download all the signed documents.

Contracts signed by 3pm will be deposited on the next banking business day. Contracts signed after 3pm will be deposited within 2 banking business days.

Types of Loans

Emergency Loans All Other Personal Loans Weatherization Loans Car Loans
Minimum Loan Amount $300 $700 $500 $8,000
Maximum Loan Amount $500 $2,000 $10,000 $20,000
Example Lifetime Cost of Loan $400 loan costs $480 $1,000 loan costs $1,269 $5,000 loan costs $5,000 $13,000 loan (with 11% APR) costs $16,960
Interest Rate 35% 24% 0% 7% to 15%
True Annual Percentage Rate (APR) 35% 24% 0% 7.60% to 16.66%
Closing Fee None None None $273 + applicable fees (rolled into loan)
Down Payment $0 $0 $0 $500
Repayment Period 12 months 24 months 2-5 years 60 months
Typical Uses Debt repayment, bill-catch up, utilities, unforeseen expenses  Immigration costs, security deposits, auto repairs, computer purchases Insulating walls, replacing light bulbs, sealing ducts Purchase of a new or used car from a reputable dealer