Financial Assistance Resources

Additonally, we have two programs that will help families in need. 

Mini-Loan Conversion Program

The Mini Loan Conversion Program (MLCP) assists those who have become financially trapped by the exorbitant lending rates of payday and auto title loans whose interest rates can be as high as 600% APR. The Society of St. Vincent de Paul, working with a local Texas financial institution, has established a new low-interest loan conversion program.

The high interest loan is replaced by a low interest loan providing financial relief to the person or family in need. Combined with a savings account and financial coaching this program provides hope. The MLCP launched in May of 2016, speaks to the vision of the Society of St. Vincent de Paul to end the cycle of poverty through systemic change. These low interest loans are possible because the Society cosigns on each loan and provides collateral.

Council Loan Program

The Council Loan Program (CLP) helps people who have been self-sufficient and are currently experiencing an unexpected and/or temporary financial crisis. This program helps them to avoid falling into long-term financial struggles. This is a low interest loan program available to those who are unable to get urgently needed assistance elsewhere and are able and willing to pay back the loan.

What can be expected during the loan process:
• Applicant screening to establish maximum pay back rate
• Provide to clients of existing community financial counseling/coaching programs as appropriate to help improve financial management skill
• Give hope, advocate for, befriend and commit to walking the client out of the stressful situation 

Both of these programs offer a short and long-term approach towards climbing out of the debt cycle.
• Immediately relieve the stress on individuals and/or families.
• Encourage savings and the growth of a safety net for emergencies.
• Instill financial coaching for those who desire coaching on the use and budgeting of money.

If you would like to contribute to either of these programs or if you feel either of these programs could help you, please contact our SVDP office.