Purpose
Lack of financial literacy and low credit scores can force people into harmful financial situations. Young people without credit face obstacles to obtaining credit. Through Credit Building and Financial Literacy Classes we hope to address these problems in Watauga, Avery, Mitchell and Yancey counties.
Who Should Apply?
Any resident within the four counties who is in need of the program is encouraged to apply. Certain requirements must be met. Acceptance into the loan program is not guaranteed.
The Program
- Participants will complete a “Financial Literacy Inventory” to determine their level of financial understanding.
- Participants will choose to participate in financial education classes only or classes and the credit building program.
- The Manage Your Money class, offered by OnTrack Financial Services will be provided in a one-time four hour class.
- The credit building loan is issued in the amount of $150.00 to those who qualify.
- A loan agreement is signed and the participant agrees to pay back the loan in increments of $15.00 per month for one year.
- “Soft inquiry” credit checks will be made periodically to monitor changes in credit scores.
- Upon successful completion of all requirements, matching funds may be received
Manage Your Money
This class provided by OnTrack Financial Services, a private non-profit serving Western North Carolina, provides instruction on the following skills:
- Setting financial goals
- Developing realistic budgets
- Tracking and reducing spending
- Saving money
- Managing debts.
Credit Building Loan
The Credit Building Loan may repair credit scores by reporting on-time loan payments to the credit bureau. Depending on financial activity, credit scores can see great improvement in just one year.
Get Started
Contact Catherine Bare
Micro Loan Director
828-264-2421
catherine@wamycommunityaction.org
