Norwescap Family Loan Program provides low-income individuals and, individuals with less than perfect credit ratings, with low-cost, bank approved loans.
Norwescap along with partnering financial institutions created a revolving loan fund pool to help working families remain employed. We recognize that no credit or bad credit prevents hardworking individual’s access to small loans. Norwescap’s Family Loan Program is based on the premise that life’s unpredictable challenges, like repeated car break-downs or child care difficulties, can easily plunge a family into crisis and unemployment.
The program has loaned out over $560,000 and has a default rate of fewer than 5% since inception and a 2% default rate during the most recent program year. The key to the success of the program is that applicants work closely with Norwescap staff and receive guidance and support throughout the entire loan process. Norwescap Family Loan Participants must enroll in personal finance workshops; set clear financial goals, and repay loans within the terms of the individual loan.
Types of Loans
- Car Purchase – Maximum Loan Amount: $3,000
- Car Repair/Car Insurance – Maximum Loan Amount: $1,000 (Average loan repayment for car repair is $88 per month for 12 months)
- Child Care – Maximum Loan Amount: $800
- Housing/Rent/Mortgage/Security Deposit – Maximum Loan Amount: $1,000
- Employment Related Expense – Maximum Loan Amount: $500
- Employed at least 20 hours per week and at the same job for at least 6 months;
- Able to demonstrate that the loan is necessary to maintain employment and that the loan can be repaid within the required terms;
- Income eligible – must be within 250% of Federal Poverty Guidelines;
- A resident of New Jersey residing in Hunterdon, Morris, Somerset, Sussex or Warren counties;
- Required to attend financial counseling workshops;
To learn more about Norwescap Family Loan Program or for an application, please contact a Loan Coordinator by calling:
Phone 908-454-7000 ext. 1116 Fax 908-454-2968
- IRCO Federal Credit Union
- Financial Resources Federal Credit Union
- Lakeland Bank
- Lakeland Bank
- First Hope Bank
- PNC Bank
- TD Bank