Security Deposit Loan
Thursday, October 31 CCCU
Security Deposit Loan:
Removing Financial Barriers for Workforce Housing
We'll help you cover the deposit and get your foot in the door!
In partnership with the Northwest Credit Union Foundation and the Meyer Memorial Trust, credit unions have come together to pilot a loan program to address the rising costs of housing in the Portland area.
The State of Oregon has been struggling through a housing crisis. A growing population, strong economy, and limited housing supply have inflated rental prices, leaving few options for the financially vulnerable. The need to come up with a large security deposit and two months’ rent can be a hurdle for many single or low-income households, often resulting in the reliance on high interest rate loans to make ends meet.
We acknowledge this issue, and have partnered with other credit unions to offer a pilot program aimed at bridging the financial gap. We now offer short-term financing for assistance with security deposits and upfront rent.
* APR = Annual Percentage Rate. No more than two thirds of total deposit may be borrowed. Actual term depends upon lease duration. Checks are made payable to landlord. Payment example: $2,500 at 4.99% for 12 months = $214.02. Subject to change without notice. See credit union for details.