Capital Good Fund personal loans: 2024 review

Capital Good Fund is best for unique, low-rate loans

Capital Good Fund offers APRs well below those charged by for-profit lenders, with special programs that cater to borrowers looking to become U.S. citizens or weatherize their homes. Borrowers in the 11 states where Capital Good Fund does business may qualify for terms as long as 84 months to finance weatherization upgrades, or as short as 15 months for the flexible-use Impact loans.

Capital Good Fund personal loan purposes

Capital Good Fund offers three distinct programs to help consumers with specific needs.

Impact loans

These loans are designed to help borrowers cover small financial needs ranging from paying rent and covering auto repairs to taking care of a past due electric bill to keep the lights on. Loan amounts range between $300 and $1,500 with an APR of 18 percent. With a 15 month term, these loans are an excellent alternative to payday loans. Notably, there is no minimum credit score, though Capital Good Fund does review applicants’ credit history.

Immigration loans

This loan product caters to those seeking help financing the cost of citizen applications, getting or renewing a Green Card, paying for an immigration detention bond or other expenses related to immigration by you or family members. Rates are capped at 15.99 percent for loan amounts between $1,501 and $20,000. The loan payments are spread out over 48 months.

DoubleGreen energy efficiency loans

Capital Good Fund has partnered with utilities in Rhode Island and Massachusetts to give homeowners access to 0 percent APR financing for energy-efficient upgrades. Loan amounts range between $500 and $25,000. Purposes might include:

• Additional insulation.
• Window replacement.
• Purchase and installation of high efficiency heating and cooling systems.
• Other eligible measures, as defined by National Grid.

 Loan terms of two and seven years for moderate or middle-income borrowers.

Where Capital Good Fund stands out

• Lower maximum APRs than most lenders: Borrowers won’t pay an interest rate above 18 percent, which is far lower than the almost 36 percent rate offered by bad credit lenders. 
• Interest-free home improvement loans available: With 0 percent APR loans up to $25,000, homeowners can upgrade their homes or add safety features. Combined with a maximum term of 84 months, this is one of the most cost-effective energy-efficiency loan options offered. But check to see whether you qualify for a home improvement government grant before turning to a loan.
• Specialized immigration financing options: Legal fees for immigration-related expenses can run into the tens of thousands of dollars. Non-citizens may struggle to qualify for standard personal loans, especially without a creditworthy co-signer. Capital Good Fund gives borrowers affordable financing choices to help pay those costs.
• Financial coaching program. Borrowers who want help creating a financial plan can sign up for the Capital Good Fund’s Financial Coaching Plus Program. The twelve-month program includes 12 months of one-to-one financial coaching with an expert to create an action plan for your financial future. The $180 program fee can be spread out over 12 months. 

Where Capital Good Fund falls short

• Only available in 11 states: Capital Good Fund loans are only available in Rhode Island, Florida, Massachusetts, Delaware, Illinois, Texas, Colorado, New Jersey, Connecticut, Georgia and Pennsylvania. The Impact and DoubleGreen loans are only available in a subset of those states.
• Qualifying requirements unclear: Although the website notes those with less-than-stellar credit and low to middle income may qualify for its DoubleGreen loans, it doesn’t list specific financial requirements.
• Funding turn times not disclosed: The lender’s website doesn’t indicate how long it takes to receive funds. Most personal loan lenders advertise a one-business-day funding timeline. 

Capital Good Fund customer resources

Customer support

Capital Good Fund’s website provides phone and email contact numbers for several types of inquiries.

• Loan inquiries: 866-584-3651 ext. 302, loans@capitalgoodfund.org
• Financial coaching: 866-584-3651 ext. 301, financialcoaching@capitalgoodfund.org
• Customer service: 866-584-3651, service@capitalgoodfund.org

However, hours of operation aren’t listed. According to the website, Capital Good Fund is headquartered in Providence, Rhode Island.

Digital experience

Borrowers can apply for a Capital Good Fund loan by clicking on the “Apply Now” button, answering several questions and providing contact information. You can toggle to a Spanish-language version — a rarity among lenders. The lender doesn’t offer a smartphone app for managing your loan.

Do you qualify for a Capital Good Fund personal loan? 

Capital Good Fund’s eligibility check form notes the following additional general requirements. 

• You do not owe past-due child support, have a past-due mortgage or are currently going through or plan to file for bankruptcy.
• Confirmation you have a source of income. 
• Proof you live in one of the 11 states the lender does business in. 
• Documentation of a current bank account or prepaid card with 90 days of activity. 

Specific loan types may have additional requirements.

How this lender compares

Capital Good Fund vs. Prosper

Capital Good Fund’s loans are the clear winner for small-dollar, bad-credit borrowers in the states the lender offers financing. With APRs ranging between 0 percent and 18 percent, depending on loan purpose, borrowers may have much lower payments than Prosper’s 8.99 to 35.99 percent range allows. Prosper also requires a minimum loan amount of $2,000, compared to Capital Good Fund’s $300 minimum.

On the other hand, Prosper offers loan amounts as high as $50,000 — twice the maximum you can borrow with Capital Good Fund’s energy-efficient loan program. You’re also more likely to find a Prosper loan in your state since the lender offers its loans in 48 states.

Capital Good Fund vs. Upstart

Although Upstart offers loans to bad-credit and no-credit borrowers, the minimum loan amount is $1,000, compared to only $300 at Capital Good Fund. However, Upstart gives you access to loan amounts of up to $50,000 with longer repayment term options for small loans. Keep in mind that Capital Good Fund only offers a 15-month repayment term for its Impact loan program.

How Bankrate rates Capital Good Fund