Savings Collaborative

The Savings Collaborative is a non-profit organization that offers a no-fee savings club that makes it easy to save money and develop healthy financial habits. We combine technology with community, education, and personalized guidance from certified financial coaches to help you achieve your financial goals and dreams. Our emergency loans are designed to help our members in times of need. The loan must be intended to address an emergency or unexpected expense. We offer fixed-interest rate loans at a maximum APR of 6%, compounding monthly. The minimum and maximum repayment period is from 3 to 24 months. There are no upfront or hidden fees and no prepayment penalties. We provide a Truth in Lending Disclosure with all the necessary information about the loan, including the APR, finance charge, amount financed, and total payments.

Here is a sample interest calculation:

Interest = (Principal owed to date * (1 + (APR / 12) ^Months) - Principal owed to date)

In the example provided below, the interest incurred in the first month of payment would be approximately $22.50:

($4,500 * (1 + (0.05999 / 12)^1) - $4,500) = $22.50

Here is an example of our Truth in Lending Disclosure that we provide to borrowers:

Truth in Lending Disclosure
1. The Annual Percentage Rate APR is 5.999%
2. The total interest charged (also known as the finance charge) over the loan is $286.56
3. The amount borrowed (also known as the amount financed) is $4,500
4. The total payments (interest charges plus repayment of loan principal) are $4,786.56
5. The loan repayment period (the length of time to repay the loan) is 24 months

The Truth in Lending Disclosure terms of the loan are provided in the loan schedule attached to the loan agreement.