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Capital Good Fund Personal Loans: 2024 Review

Updated on November 13, 2023
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At a glance

4.3
Rating: 4.3 stars out of 5
Bankrate Score
Caret Down
Availability
Rating: 3 stars out of 5
3.0
Affordability
Rating: 4.6 stars out of 5
4.6
Customer Experience
Rating: 4.3 stars out of 5
4.3
Transparency
Rating: 4.6 stars out of 5
4.6

About Bankrate Score

Capital Good Fund is a nonprofit organization offering small, short-term loans to middle- and low-income Americans who have less-than-stellar credit. The organization aims to empower its customers by offering inclusive financial services as well as personalized financial coaching. As of now, its loans are only available in 10 states. 

Moneybag
Loan amount $300-$25,000
Rates
APR from 0%-15.99%
Clock Wait
Term lengths 15 to 84 months

A Capital Good Fund loan is best for lower credit borrowers financing smaller purchases, emergency expenses, immigration-related costs or weatherization efforts, like energy-efficient home upgrades. 

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Best for bad credit 

Capital Good Fund's mission is to provide an equitable lending model and approve borrowers with bad credit for its loans. Keep in mind that its general personal loan, called the Impact Loan, has a short term and a smaller maximum amount of up to $1,500.

Capital Good Fund pros and cons 

PROS

  • Checkmark

    Financial coaching program.

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    No credit score requirements.

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    Multiple loan options available.

CONS

  • Close X

    Only offered in 10 states.

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    Banking history required for approval.

  • Close X

    Smaller loan maximums.

Do you qualify? 

While creditworthiness isn't taken into account for approval, banking history and activity is one of the most important aspects of gauging approval. However, each loan has different eligibility requirements. To simplify the application process, there's a general Loan Eligibility form borrowers can fill out, but it's best to be aware of the exact criteria for each loan before applying. 

Impact loan requirements 

To apply for an impact loan, you must: 

  • Have verifiable income.
  • Reside in Colorado, Delaware, Florida, Massachusetts or Rhode Island.
  • Have a bank account or an approved prepaid debit card.

After you apply, you'll need to provide the following documents: 

  • Copy of a government-issued ID. 
  • Two months of bank or prepaid card statements.
  • Voided check or a prepaid check with ACH features.

Its website states that you may need to provide further documentation, so keep financial and personal records on hand. Other forms of picture identification, tax returns, bank statements or verifiable housing documentation are all good to keep close by. 

Weatherization loan requirements 

To apply for a weatherization loan, you must: 

  • Currently live in Massachusetts or Rhode Island.
  • Be a homeowner with a mortgage in good standing.
  • Have verifiable income.
  • Have a valid, active bank account. 

Along with additional documentation you may be asked to provide, you'll need to submit the following after applying: 

  • Copy of your government-issued ID.
  • HEAT Loan Authorization Form, available by calling the number found on Capital's website. 
  • A voided check or prepaid card with ACH features.
  • Two or three months of bank statements depending on the amount you're applying for.

Immigration loan requirements 

To apply for an immigration loan from Capital Good Funding, you must: 

  • Have a valid, active bank account. 
  • Have verifiable income. 
  • Currently live in one of the following states: Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Massachusetts, New Jersey, Rhode Island or Texas. 

After submitting the application, you'll need to provide: 

  • Two or three months of bank statements depending on the amount you're applying for.
  • A copy of your government-issued ID.
  • A referral form providing proof of eligibility from a community agency or immigration attorney. 

What Capital Good Fund doesn't allow loan funds to be used for 

The lender doesn't disclose what the loans can't be used for, but it does have specific uses for each loan. For example, the immigration loans can only be used for approved immigration-related expenses and weatherization loans can only finance specific home improvement projects. 

The Impact Loans are more flexible and function more like a traditional personal loan. Borrowers can take them out for a variety of emergency expenses or purposes. 

Because the restrictions aren't fully disclosed, call the customer service department before applying to make sure your intended purchase or expense is eligible for funding. 

How this lender compares

logo
Rating: 4.3 stars out of 5
4.3
Bankrate Score
APR from
0%-15.99%
Loan Amount
$300-$25,000
Term Length
15 to 84 months
Min Credit Score
Not disclosed
logo
Rating: 4.7 stars out of 5
4.7
Bankrate Score
APR from
8.99%-35.99%
Loan Amount
$2,000-$50,000
Term Length
24 to 60 months
Min Credit Score
560
logo
Rating: 4.8 stars out of 5
4.8
Bankrate Score
APR from
7.80% – 35.99%
Loan Amount
$1,000 – $50,000
Term Length
36 to 60 months
Min Credit Score
Not disclosed

Capital Good Fund vs. Prosper

Prosper is a peer-to-peer lender that has a low credit minimum requirement of 560 and allows its borrowers to apply with a co-borrower. Prosper has more stringent financial requirements than Capital, but also caters its personal loans to borrowers with a lower credit score. If you're looking to finance a specific emergency expense, a Capital Good Fund loan should be the first option due to its lower interest rates and minimal eligibility requirements. 

Capital Good Fund vs. Upstart

Upstart is similar to Capital Good Fund in that it caters to borrowers with bad credit scores. It allows applicants to apply even without a credit score.

While Upstart does have more financial requirements and a higher APR maximum than a Capital loan, one of its loans may fare better for users with lower credit who need a larger balance. 

Capital Good Fund: In the details 

What we like and what we don't like 

Capital Good Fund has many positive attributes and helps to close the financing gap for underserved communities. However, along with its good qualities, the lender also has potentially negative features. 

What we like 

  • Financial coaching program: Capital's financial coaching program is offered to all borrowers as an opportunity to improve their financial health and credit through personalized coaching and mentorship. 
  • No credit score requirements: There are no minimum credit or income requirements to get approved for a loan. Instead, banking activity is taken into account when determining your eligibility. 
  • Multiple loan options available: There are three loan options available that cater to different scenarios and needs. Capital offers weatherization loans, immigration loans and short-term, small emergency loans called Impact Loans. 

What we don't like

  • Only offered in 10 states: As of now, Capital Good Fund offers financing in Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Massachusetts, New Jersey, Rhode Island or Texas. 
  • Banking history required for approval: You must have an active bank account to get approved for its loans. However, you may still be able to get approved for a loan with a prepaid card. 
  • Smaller loan maximums: The largest loan has a maximum of $25,000, which is smaller than most personal loans. 

How to contact Capital Good Fund 

If you have a general customer service request or need, you can email service@capitalgoodfund.org. A phone number isn't listed for a customer service request. However, for loan-specific questions, customers can email loans@capitalgoodfund.org or call 866-584-3651, extension 302. There are no customer service hours disclosed. 

Those who reside in Rhode Island can receive in-person assistance at Capital's only physical location. 

How to apply for a personal loan with Capital Good Fund 

The exact application process isn't explained fully on the lender's website, but it is housed completely online. Capital has applicants complete a pre-qualification form before officially applying. 

If you have any questions regarding the application process, you can call or email the customer service department. If you reside in Rhode Island, you can visit the brick-and-mortar location to get in-person assistance.

Capital Good Fund features and additional perks 

Along with approving lower credit borrowers, Capital Good Fund's major perk is its Financial Coaching Department. Each customer will be assigned a financial coach and will receive one-on-one coaching and advice. 

There are two programs currently available: Financial Coaching Plus and its Credit Builder Program. Coaching Plus helps borrowers reach their financial goals by creating a personalized financial action plan and Credit Builder focuses specifically on growing credit. 

As an added bonus, borrowers enrolled in either program will be given the option to make a small monthly payment directly to Capital. Capital will then report the payments to all three credit bureaus, which can help increase your score. 

Fees and penalties 

Each loan has different rate structures that range from 0 percent to 15.99 percent. There are no other fees or penalties currently disclosed on its website. 

Capital Good Fund frequently asked questions 

How Bankrate rates Capital Good Fund 

Overall Score 4.3 Explanation
Availability 3.0 While the loan minimum is small at $300, its approval and funding times aren't disclosed.
Affordability 4.6 Offers competitive APR ranges, especially for bad credit loans, but it doesn't disclose any fees.
Customer Experience 4.3 Online application and account access offered. However, its customer service department hours aren't listed.
Transparency 4.6 Not all requirements are listed, but there is a pre-qualification option offered.

Methodology

To select the top personal loan lenders, Bankrate considers 20 factors. These factors include credit requirements, APR ranges, fees, loan amounts and flexibility to account for a wide range of credit profiles and budgets. Bankrate reviewed over 30 lenders and gave each a Bankrate rating, which consists of four categories:

  • Availability: What the minimum loan amounts are, its eligibility requirements and loan turnaround are considered in this category.
  • Affordability: The interest rates, penalties and fees are measured in this section of the score. Lower rates and fees and fewer potential penalties result in a higher score.
  • Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.
  • Transparency: This category is measured by how accessible credit requirements, rates and fees are on the lender's page. We also took into account whether pre-qualification was available, as all these factors are key for consumers to make an informed decision.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.