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We offer workplace loans through payroll deductions in the Rio Grande Valley

Borrow up to $1000 for a year

Employers: Discover how you can offer this service to your employees.

Who We Are

 

Founded in 1995, the Rio Grande Valley Multibank (RGVMB) is a Community Development Financial Institution (CDFI) certified by the United States Department of Treasury. Our mission is to provide financial products and development services to the RGV, particularly in the area of affordable housing and consumer lending. We are proud to provide the affordable, risk-free alternative to payday and car title loans. All earnings are reinvested into the program for expansion and lending capital. The nine member banks have never taken out dividends over the 20-year history of the institution and do not plan to do so in the future.

The Community Loan Center (CLC) was established in 2011 by the RGV MultiBank in order to offer low-interest, low-fee personal loans. As of October 2011, CLC has loaned $3.9 million to borrowers in the Rio Grande Valley.

RGVMB and the Community Loan Center are administered by Community Development Corporation of Brownsville.

Community Supporters

Financial Supporters

J.P. Morgan Chase    |    Wells Fargo Bank    |    IBC Brownsville    |    IBC McAllen    |    Bank of America    |    Frost Bank   
Lone Star National Bank    |    BBVA Compass Bank    |    National Community Impact Corp. (Washington DC)

 

Your employees are more productive when they are financially stable

 

Benefits to Employers

 

Attract and retain talented employees

Zero cost to you

Loan payments are fully automated

 
 

How It Works

When an employee applies for a loan, we ask you to verify their employment. Once approved, we send you the employee’s loan repayment schedule so you can set up the automatic payroll deduction.

 

Becoming a Participating Employer is Simple

Sign our Memorandum of Understanding and then arrange a time for us to train your payroll staff, which only takes a few hours.

 

Are You Responsible for Your Organization’s Payroll?

Complete this form, and CLC will contact you in 1-2 business days.

 

Why Borrow From Us?

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WE SAVE YOU HUNDREDS OF DOLLARS

For a $1000 loan due in 1 month, the average payday lender charges $775 in fees. We charge only $120 in fees - and we let you repay the loan in 12 months

YOU SAVE OVER $600 & YOU HAVE 11 MORE MONTHS TO REPAY THE LOAN.

 

How It Works

Online Application

APPLY NOW >

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Funding

Pending employment verification (24-48 hours), and your signature; your loan will be deposited into your checking account in 2 business days

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Repayment

Loans are automatically paid through your paycheck

 

Details

Terms

Loans from $400 to $1000

Payback period is 12 months

18% interest; $20 administrative fees

Perks

No credit history or collateral needed

No prepayment penalties

Free financial counseling available

 

Requirements

  • Minimum age is 18

  • Working at a participating employer for at least 3 months

  • Checking account

  • Driver license or passport numbers

  • Social security number