Opportunity Loans
Loan Details
- Up to $10,000 with up to a 5-year term
- Available to residents of Washington, Oregon, and Idaho.
- No fees are charged.
- Loan interest rate is 5% APR.
Eligibility
Washington, Oregon, and Idaho residents of all ages with disabilities of all types, including seniors with age-related functional limitations, are eligible.
Loan Purposes
Opportunity Loans can be used to finance purposes that promote independence, financial resilience, and life opportunities. This includes: building credit; funding for a business or self-employment; funding one-time expenses such as moving costs, security rental deposits, or car repairs; and refinancing high-interest debt.
FAQ
See below for answers to some frequently asked questions about our Opportunity Loan.
Loan Calculator
Ready to Apply?
To apply for an Opportunity Loan, you can download our application to fill out:
- Download the PDF Application here
To have an application mailed to you, call our office at 206-328-5116 or toll free at 877-428-5116 or send an email to [email protected].
Frequently Asked Questions
Who can apply for Northwest Access Fund’s Opportunity Loans?
Washington, Oregon, and Idaho residents of all ages with any type of disability, including seniors with age-related functional limitations, are eligible to apply for an Opportunity Loan.
What do I need to apply?
You’ll need to complete an application, and provide us with proof of income, a photo identification, and bank statements. We may ask for up to 3 months of bank statements during the application process. If you need support in gathering these documents, we can help you.
Are there things that are not covered by opportunity Loans?
Opportunity Loans are not intended to cover regular monthly expenses, such as rent. If you would like support in managing monthly expenses, including locating and applying for possible benefits or resources, please make an appointment with our financial coaching team.
What happens after I submit my application?
Your application will be reviewed by staff for completeness. We also will obtain a credit report and may call you for additional information. Once the application is complete, it will be submitted to our Loan Review Committee, which meets twice a month. If the Committee approves your application, we will send you a Promissory Note and other loan documents. Once these closing documents are signed and returned, we will disburse the loan. If your application is not approved, we will tell you why and try to help you identify other resources.
If you are applying for the purposes of refinancing high-interest debt, you will also participate in a Loan Readiness Session with someone from our financial coaching team. During this 30- to 45-minute appointment, the coach will review your credit report with you and identify possible resources you could access to help reduce monthly expenses.
How much can I borrow and what are the terms?
Our loans have no fees and our interest rate is 5%. The maximum term is 60 months. There are never any fees for early repayment.
What criteria will be used to decide if I get a loan?
Both eligibility and ability to repay must be shown. Eligibility is established when you show that (a) you have a disability and (b) that you live within our service area. Ability to repay is evaluated on the basis of income, expenses, current debt levels, availability of other resources, and credit history.
My credit is not great. Will that disqualify me?
Having poor credit or a history of bankruptcy will not disqualify you from accessing an Opportunity Loan.
My income is very limited and I’ve never taken out a loan before. Can I still apply?
Absolutely. Northwest Access Fund looks at each application individually. In some cases, we may offer extended payments and/or a smaller loan so that we can find a monthly payment that works within your budget.
Who finances Northwest Access Fund’s low-interest loan programs?
We are supported by a mix of federal, state, and private grants, as well as individual donations. We have current or recent grants from the U.S. Department of Health and Human Services, the U.S. Department of the Treasury, and the Washington Department of Financial Institutions.