PERSONAL LOANS Welcome to RePAIRations Loans We offer three types of funding:
Personal Loans/Microloans - RePAIRations
Business Loans - W Fund
Equity Funding - W Fund
All funding types can be utilized to leverage additional dollars outside of our system. Example: You need a million dollars in funding for your new startup. You can utilize our funds to qualify for the larger funding.
RePAIRations Personal and Microloans
Personal loans are any loan requested for between $1,000 and $5,000 and can be used for any reason at all. Note: your first loan will be in the amount of $1,000 and the terms of repayment will be up to 12 months. There is no prepayment penalty, so you can pay it back in as little as a month or up to a year. All of our loans are one point over the prime lending rate. We understand that sometimes emergencies happen or an unexpected expense occurs, and this loan affords you the opportunity to access your funding without being charged absorbent rates like payday lenders or credit cards charge. Your successful and on-time repayment makes you eligible for a larger loan in increments of 1,000 additional dollars per successfully repaid loan. You must show some type of income to qualify. This can include direct government assistance, unemployment, part-time jobs...
Microloans are loans that start at $5,001 and go up to $25,000. These loans are subject to a credit check and other qualifying inquiry but you will find that our lending is more flexible than a bank and the term of repayment is up to five years. All of our loans are 1 point over prime. You will need to prove that you have a job or profit-generating business and/or collateral depending upon your individual financial circumstances. Don't panic, we are here to support you and we want you to be funded so we will do everything in our power to say YES!WHO IS ELIGIBLE TO APPLY?
Eligibility: Any member of RePAIRations over the age of 18 with a job or demonstrated income (disability or social security/pension). There is a 90 Day eligibility period from membership to request for all loans. We do this because we do not use your credit, as the sole determinate of loan worthiness, but rather your income and viability of your business endeavor.
Eligibility: Microloans, Equity, and Business Loans Microloans
Down payments for homes, deposits for rentals
Small business startups like online businesses
Credit Card debt or other high-interest loan debt
Any partnership (LLC, LLP, INC, LTD):
Leverage for other larger loans - municipal, grants, and commercial
Sole proprietorships (in some instances - we strongly urge everyone to have at least an LLC to protect their personal assets)
Every Applicant must be:
18 years old and over
Businesses must be 51% black-owned and operated
Black Descendent of the transatlantic slave trade, or
Black Africans from the Continent or throughout the African Diaspora
IMPORTANT - Have you filed for bankruptcy in the past two years? This is not an automatic no. We take this on a case-by-case basis. We understand that many lost their jobs and businesses due to the pandemic or were just recovering from the 2008 crash. We started this fund as a result of the pandemic so we aren't going to kick you when you're down, we will look back up to five years to see a positive track record. We do take into account your background, however, do not allow a past criminal record or poor credit to discourage you from applying. We and our membership will give every viable proposal a fair shake. We look at what you have done post-incarceration and we are honored to be that second chance that you need to make your business dreams come true, so, SHOOT YOUR SHOT!