Applications On Hold
Due to high demand, we are temporarily pausing new applications for the program.
If you would like to be notified when applications reopen, please add your information to the Impact Loan Interest Form. Please note that we are unable to respond to questions about the status of the application hold or when the program will become available again. Thank you for your understanding.
— CIF Benevolence Admin Team
How do I use my Impact Loan?
Program FAQs
Who Is Eligible?
A full-time or part-time employee who has been actively employed at Velera for a minimum of one year and must not be on probation at the time of the request
Velera employees who are VPs or above are not qualified to receive a hardship loan
You must be 18 years or older
What can you do when the unexpected occurs?
When the unexpected happens, it can impact your ability to cover daily expenses, which can often result in accruing high-interest debt. Velera offers Impact Loans for our employees at 0% interest with an extended repayment schedule.
Once you pay back your loan in full, you are also eligible to receive a Savings Incentive bonus to help build an emergency savings fund. This can help you recover from unexpected expenses without getting trapped in a debt spiral from high-interest lenders.
What can you do when the unexpected hits?
When the unexpected happens, it can be difficult to pay for your basic needs. Payday loans, credit cards, and other high-interest debt are often used as a short-term solution for your financial problems, however, they come with extremely high-interest rates and fees, ultimately making them a long-term burden that makes the problem worse, rather than better.
PSCU offers Impact Loans for our community at 0% interest with an extended repayment schedule. Once you pay back your loan in full, you are also eligible to receive a Savings Incentive bonus in order to help build an emergency savings fund. This helps households recover from financial hardship without getting trapped in another debt spiral from high-interest lenders.
Who Is Eligible?
You must be a PSCU Employee and have been employed for at least 90 days
You must use the loan to pay for an unforeseen financial hardship
You must be 18 or older
How It Works
Impact Loans are a way to help you achieve financial well-being by giving you access to an interest-free loan that has an extended payback period. It also helps you save for emergencies. They are interest-free and are not reported to the Credit Bureau.
Step #1 – Apply
To be eligible to apply, you must be a part-time or full-time employee of Velera and have been employed for at least one year. You cannot be on probation at the time of the application. VPs and above are not eligible to apply.
The online application is an anonymous process, ensuring that you don’t have to worry about sharing your situation with anyone beyond The Community Impact Fund, which administers your loan on behalf of Velera.
No one at Velera will ever see related documentation or know that you applied. Once approved for an Impact Loan, your funds will be disbursed directly into your connected bank account.
Step #2 – Cover Your Expenses
Use the proceeds of your Impact Loan to cover any emergency expenses that would otherwise set you back further financially, as described in your loan application. Examples of eligible expenses include:
- Transportation
- Healthcare
- Housing
- Taxes
- Debt
- Death/Natural Disaster
- Food
- Childcare
Step #3 – Build Savings
Financial well-being includes having the security of an emergency fund.
To help you achieve this, Velera will provide eligible applicants a savings bonus once you pay your Impact Loan back in full.
This savings incentive is designed to accelerate your progress toward building your emergency fund.
Click here for more information.
What Does Financial Well-being Look Like?
Having control over your day-to-day and monthly finances
Financial well-being means that you have full control over your finances. You have a plan and know what your money is going to do day-to-day and month-to-month. You are in control of your money and not the other way around.
Having the freedom to make the choices that make you happy
Financial well-being is having the ability to make the choices in life that make you happy so that you can fully enjoy life and not be a slave to your money.
Having the ability to cover emergency expenses
Financial well-being means that you can cover unplanned emergency expenses without using high-interest debt. With the Impact Loan, you can borrow at 0% interest, and when you pay it back, we help you save for a rainy day!
Being on track to reach your financial goals
Financial well-being is being on track to meet your financial goals, whether that be to purchase a new car, a home for your family, fund your kids’ college education, or, to save for your retirement.