Capital Good Fund Personal Loans: 2024 Review

Best for bad credit 

Capital Good Fund's mission is to provide an equitable lending model and approve borrowers with bad credit for its loans. Keep in mind that its general personal loan, called the Impact Loan, has a short term and a smaller maximum amount of up to $1,500.

Do you qualify? 

While creditworthiness isn't taken into account for approval, banking history and activity is one of the most important aspects of gauging approval. However, each loan has different eligibility requirements. To simplify the application process, there's a general Loan Eligibility form borrowers can fill out, but it's best to be aware of the exact criteria for each loan before applying. 

Impact loan requirements 

To apply for an impact loan, you must: 

• Have verifiable income.
• Reside in Colorado, Delaware, Florida, Massachusetts or Rhode Island.
• Have a bank account or an approved prepaid debit card.

After you apply, you'll need to provide the following documents: 

• Copy of a government-issued ID. 
• Two months of bank or prepaid card statements.
• Voided check or a prepaid check with ACH features.

Its website states that you may need to provide further documentation, so keep financial and personal records on hand. Other forms of picture identification, tax returns, bank statements or verifiable housing documentation are all good to keep close by. 

Weatherization loan requirements 

To apply for a weatherization loan, you must: 

• Currently live in Massachusetts or Rhode Island.
• Be a homeowner with a mortgage in good standing.
• Have verifiable income.
• Have a valid, active bank account. 

Along with additional documentation you may be asked to provide, you'll need to submit the following after applying: 

• Copy of your government-issued ID.
• HEAT Loan Authorization Form, available by calling the number found on Capital's website. 
• A voided check or prepaid card with ACH features.
• Two or three months of bank statements depending on the amount you're applying for.

Immigration loan requirements 

To apply for an immigration loan from Capital Good Funding, you must: 

• Have a valid, active bank account. 
• Have verifiable income. 
• Currently live in one of the following states: Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Massachusetts, New Jersey, Rhode Island or Texas. 

After submitting the application, you'll need to provide: 

• Two or three months of bank statements depending on the amount you're applying for.
• A copy of your government-issued ID.
• A referral form providing proof of eligibility from a community agency or immigration attorney. 

What Capital Good Fund doesn't allow loan funds to be used for 

The lender doesn't disclose what the loans can't be used for, but it does have specific uses for each loan. For example, the immigration loans can only be used for approved immigration-related expenses and weatherization loans can only finance specific home improvement projects. 

The Impact Loans are more flexible and function more like a traditional personal loan. Borrowers can take them out for a variety of emergency expenses or purposes. 

Because the restrictions aren't fully disclosed, call the customer service department before applying to make sure your intended purchase or expense is eligible for funding. 

How this lender compares

What we like and what we don't like 

Capital Good Fund has many positive attributes and helps to close the financing gap for underserved communities. However, along with its good qualities, the lender also has potentially negative features. 

What we like 

• Financial coaching program: Capital's financial coaching program is offered to all borrowers as an opportunity to improve their financial health and credit through personalized coaching and mentorship. 
• No credit score requirements: There are no minimum credit or income requirements to get approved for a loan. Instead, banking activity is taken into account when determining your eligibility. 
• Multiple loan options available: There are three loan options available that cater to different scenarios and needs. Capital offers weatherization loans, immigration loans and short-term, small emergency loans called Impact Loans. 

What we don't like

• Only offered in 10 states: As of now, Capital Good Fund offers financing in Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Massachusetts, New Jersey, Rhode Island or Texas. 
• Banking history required for approval: You must have an active bank account to get approved for its loans. However, you may still be able to get approved for a loan with a prepaid card. 
• Smaller loan maximums: The largest loan has a maximum of $25,000, which is smaller than most personal loans. 

How Bankrate rates Capital Good Fund