To provide emergency relief for those affected by the Covid-19 pandemic free of interest charges and fees.
All loan applicants must:
- Be a resident of Southern Arizona including Pima, Cochise and Santa Cruz counties.
- Submit copies of identification such as an Arizona Drivers License, Social Security card or State Identification with application.
- Demonstrate a financial impact as a result of the current pandemic (eg: lost wages due to being unable to go to work, childcare expense due to school closures, small business losses, related medical costs).
- Demonstrate an ability to repay the loan.
- Provide a Debit/Credit card that monthly automatic loan payments are to be deducted from.
- Apply with spouse/partner as a co-applicant if married.
- Guarantors are NOT required.
- $1,800 maximum loan amount.
- Repayment begins 90 days after the loan is issued or at a time negotiated when the loan is issued.
- Credit will be checked for all applicants with an emphasis on payment history.
- Loan applications will be reviewed by a committee.
- The committee reviews completed applications weekly.
- If approved, staff will send loan documents to the applicant within 3 business days of receipt of the approval.
- The promissory note must be signed using an electronic platform that allows Free Loan staff to witness the signing.