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We exist to support people who face discrimination within the financial system to access credit and achieve their goals on their terms. We facilitate accessible, affordable lending programs in collaboration with nonprofit and community based partners.
**https://communitycreditlab.loanwell.com/**
Anyone can apply for a loan through one of our Lending Partners if they meet the pre-qualification criteria for our loans. Our borrowers typically have a preexisting relationship with our Lending Partners.
In simple terms, Community Credit Lab is the lender and LoanWell is the loan software provider. Community Credit Lab underwrites, manages and services loans and LoanWell provides the software solution that makes it easy for us to work directly with borrowers remotely.
Yes! The entire platform is mobile responsive so you should be able to do everything from a mobile device or tablet. Certain things may be a little more difficult to navigate without a large screen but it is built to be used on a mobile device or tablet, in case people don't have access to a computer.
Our qualification criteria our developed in collaboration with our Lending Partners. The main factors we use to determine credit-worthiness are trust (based on the relationships with our Lending Partners) and cash flow (based on income and expenses of applicants). We also need to comply with state and federal regulations that may require additional information.
Funds will be disbursed within 5 business days and should be received within 2 business days of disbursement. Total time from loan approval to receipt is estimated at 5 - 7 business days.