F. A. Q.

This Fund is governed by The Community Impact Fund. CIF is a nonprofit 501(c)(3) organization that is responsible for responding to all inquiries, vetting all applications, and distributing funds to approved applicants.

CIF offers a 0% interest loan with a flexible payback schedule to individuals facing financial hardship, including high-interest debt. To qualify for a loan, an eligible employee (applicant) of Velera applies to CIF for consideration. CIF conducts diligence to ensure the borrower qualifies for assistance under IRS regulations and CIF policies and procedures. 

Your Impact Loan can be used to cover unexpected expenses or pay down high-interest debts. Click here to read: How to use your Impact Loan Employee Benefit.

Those who meet the eligibility requirements established by your employer. For Velera, FT and PT employees must have 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. 

Loans are based on the needs cited in the application. The maximum loan amount is $1,000.

A repayment schedule will be set up automatically for the full loan amount over 10 months. Therefore, your monthly payment amount will be your total loan amount divided by 10. For example, if you receive a $1000 loan, you will pay back your loan over 10 months, with a monthly payment of $100. As part of your application process, you will select the day of the month that you want your automatic monthly payment to occur. Your payment is deducted from the bank account you connect as part of your application.

Your first payment is due 30-45 days from the day you receive your loan. Your loan does not collect interest at any point. Once you receive your loan, you can log into your borrower profile anytime to view your repayment status, change your repayment date, connect a new bank account, or request other support as needed.  If you have questions about the terms, please email loans@communityimpactfund.org.

If your employment with Velera comes to an end, either by choice or termination, you are still obligated to repay your loan in full.  Even if it takes longer to pay back your loan, we still want you to make your payments anytime you can. Every dollar that is paid back allows someone else to receive the support they need through an Impact Loan. The CIF loan team wants to support you, so don’t hesitate to contact us at any point, even if you miss multiple payments due to unexpected circumstances.

Approval decisions are made based on the information provided by the applicant. Please CLICK HERE to review the application instructions in preparation for applying. The loan application does not pull your credit score and your loan is not reported to credit. However, you are required to connect your primary bank account where you receive or deposit your paycheck in order to confirm your income and to receive your loan disbursement. You also must upload a W-2 or 1099 statement. 

Loans will be distributed by CIF to the approved applicant directly to the applicant’s primary bank account which is connected as part of the application process.

You will receive your loan disbursement within 2-5 business days of the loan being approved. CIF cannot process loans over the weekend or during bank holidays so this may affect how quickly you can receive your loan.

No. No loans disbursed to borrowers will be categorized as taxable income.

Applicants may apply for multiple loans, provided each previous loan is fully repaid and only one loan is held at a time. To reapply, applicants must remain affiliated with their organization, meet eligibility requirements, and be in good standing with both their organization and CIF.

Additionally, at least one session with a CIF financial coaching partner is required for any subsequent loan. If this wasn’t completed with your first loan, you’ll receive instructions via email when you reapply. This is intended as support—not a barrier—to help build stronger financial foundations and lasting wellness.

Impact Loans are not reported to traditional Credit Bureaus. However, through our partnership with Giving Credit — a credit reporting platform that recognizes financial activity beyond traditional systems — your loan payments can still work in your favor. Whether you’re currently repaying or have already paid off your Impact Loan, that positive payment history can be reported to build your credit profile.

This is a financial wellness win. You can leverage the hard work you’ve already put into repaying your loan as a stepping stone toward bigger financial goals.

Ready to get started? If you’ve finished paying off your Impact Loan, sign up at givingcredit.org/o/communityimpactfund.

Sometimes you may be in a situation where you can’t make a payment. We do our best to support you by allowing you to occasionally defer a monthly payment. This moves the payment to the end of your repayment schedule so you will still need to pay it eventually but it does not collect interest. Borrowers have the option to make a prepayment to pay off the loan faster and any prepayment will be applied to the final monthly payment schedule. 

TO REQUEST A PAYMENT DEFERRAL, sign in to your borrower portal on your loan application site using the BORROWER SIGN IN button located at the top right of the screen. Here you can submit a flexible payment request or make payments on missed payments to return your loan status to good standing.

PLEASE NOTE: Making a manual payment DOES NOT cancel your automatic payment that is set to withdraw each month. Therefore, if you don’t wish to have the additional payment withdrawn, you must submit your FLEXIBLE PAYMENT REQUEST through the BORROWER PORTAL as described above at least FIVE DAYS before the day your payment is due.

Questions? Contact loans@communityimpactfund.org and provide your first and last name and the company for which you work.

We want you to have success with your loan. The loan remains a 0% interest loan forever. If you cannot make one or multiple monthly loan payments, they remain due. Any missed payments due to insufficient funds in your connected bank account are automatically added to the end of your repayment schedule, and thus, your loan payback term is extended.

Even if your monthly payment fails due to insufficient funds, your payment next month will still be automatically deducted. You will be expected to pay next month’s payment and all remaining payments.  If you anticipate not being able to meet your monthly payment requirements due to unexpected circumstances, please refer to the FAQ, Can I SKIP or DEFER a payment? For more information on how to address repayment challenges.

CIF’s loan administration team wants you to feel safe and supported through your loan borrowing process. We are here to help and want to help, so PLEASE contact us with any information or questions about your loan at any time.

If you are no longer employed by Velera,  you are still expected to pay back your loan in full, even if it takes several more months to do so. It is important to remember that every dollar paid back goes back into the loan fund so that others in need can request and receive a loan.

Yes, prepayments are applied to the final monthly installment. You can make additional payments on your loan by logging in to your BORROWER PORTAL using the BORROWER SIGN IN button on the top right corner of this loan application site. Please follow the instructions to make a manual payment.

PLEASE NOTE: Making a manual payment DOES NOT cancel your automatic payment that is set to withdraw each month. Therefore, if you don’t wish to have the additional payment withdrawn, you must submit a FLEXIBLE PAYMENT REQUEST via the portal at least FIVE DAYS before the day your payment is due.

Questions? Email loans@communityimpactfund.org. Be sure to share your first and last name, and that your loan was from the Velera Impact Loan fund.

Velera is committed to your long-term financial well-being. Therefore, as part of the Impact Loan Program, they are also offering you the opportunity to earn money towards your Emergency Savings account.

Please click here to visit the Savings Incentive Program page on your loan site to learn about the program. 

Questions? Contact loans@communityimpactfund.org. 

Please reach out to CIF’s loan administration team at loans@communityimpactfund.org. 

Our business hours are Monday-Friday, 8 am-3 pm MST/10 am-5 pm EST. We are closed on weekends and all banking holidays. To better assist you, please always share your first and last name and that you are currently or previously employed by Velera.