Capital Good Fund loan review: A good option for low-income loans

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In a Nutshell

Capital Good Fund is a nonprofit organization that offers small loans and financial coaching to people in need. Its loans are available in six states. If eligible, people with less-than-perfect credit can apply for loans that can help cover crises or immigration-related costs. In some states, there are also general personal loans, weatherization loans and financial coaching options.
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  • Low interest rates for short-term loans
  • No additional closing fees or down payment required
  • Offers financial coaching


  • Not available in most states
  • Limited loan amounts available

What you need to know about a Capital Good Fund personal loan

Capital Good Fund is a nonprofit organization that offers financial services to help low-income families with less-than-perfect credit. It provides financial coaching, a credit-builder program and a variety of loan options — including emergency loans and immigration loans — to residents of Delaware, Florida, Illinois, Massachusetts, Rhode Island and Texas.

The company also offers COVID-19 relief loans to people in Delaware, Florida, Illinois, Massachusetts and Rhode Island who have been affected by the pandemic. These relief loans can help cover daily life expenses such as utilities, medical bills, rent and groceries. And if you’re a homeowner who wants to make your home more energy-efficient — and you live in Illinois, Massachusetts or Rhode Island — you can apply for an interest-free home weatherization loan, offered in partnership with local utility companies.

Variety of loan options

Capital Good Fund offers loans that can help with the cost of everyday expenses, unexpected emergencies, COVID-19 financial relief, immigration and home energy efficiency. This chart breaks down what loan options are available in each of the six states that Capital Good Fund services.

StateCrisis reliefImmigrationPersonalWeatherization
Rhode IslandXXXX

Low-rate, short-term loans with no extra fees

Capital Good Fund emergency relief loans have a fixed annual percentage rate that’s significantly less than payday loans, making them a good alternative for short-term financial emergencies.

Capital Good Fund also doesn’t charge any closing fees or require a down payment with any of its loans, crisis relief or otherwise.

Loan limits vary

Capital Good loans are available in varying amounts depending on the type of loan you apply for.

  • Personal loans: $700–$2,000
  • Crisis loans: $300–$1,500
  • Immigration loans: $700–$20,000
  • Weatherization loans: $500–$25,000

Financial coaching and credit-building assistance

Customers in Florida, Illinois, Massachusetts, Rhode Island or Texas have access to a range of financial coaching services, including a free emergency support hotline.

Capital Good Fund’s credit-builder program can help participants build credit. If you pay $5 each month for 12 months, the company will report each on-time payment to the three main credit bureaus. The company also offers a financial coaching program for $15 each month, where you get access to a coach who can help you review your budget and create a debt management plan.

Who is a Capital Good Fund loan good for?

If you live in an eligible state, have so-so credit, and need a little help to cover an emergency cost or even your daily living expenses, a Capital Good Fund loan is worth considering.

Capital Good Fund specifically offers crisis or emergency loans in Delaware, Florida, Illinois, Massachusetts and Rhode Island. The company says these loans can be used for more purposes than its other loans.

Instead of opting for a costly payday loan, you can use a Capital Good Fund personal loan for expenses such as an apartment security deposit, unexpected car repairs or even to buy a computer. And you have up to two years to repay the loan. It’s worth noting, though, that you can’t use a Capital Good Fund personal loan to pay off debt or old bills.  

If you urgently need financial assistance to help make ends meet, you might also consider a Capital Good crisis relief loan, which you can use to help pay for utilities, medical expenses, your rent or groceries. You can borrow up to $1,500 if you qualify, and you’ll have 15 months to repay the loan.

If you don’t live in one of the states where Capital Good Fund offers loans, you may want to consider a payday alternative loan from a federal credit union instead.

How to apply with Capital Good Fund

You can see if you’re eligible to apply for a Capital Good Fund loan by filling out its online loan eligibility form. Expect to answer questions about your state residency, current financial situation, source of income and general contact information.

To be eligible, you must live in Delaware, Florida, Illinois, Massachusetts, Rhode Island or Texas and meet certain other requirements. For example, you’ll need to have a source of income, not be in bankruptcy or behind on your mortgage or child support payments, and have an active bank account or prepaid card account.

If you’re eligible to apply, you’ll be prompted to fill out a more-detailed loan application online and may need to provide your Social Security number or tax identification number. You’ll also need to describe the reason you’re applying for the loan.   

Not sure if Capital Good Fund is right for you? Consider these alternatives.

If you aren’t sure whether a Capital Good Fund loan is right for you, or you aren’t eligible for one, here are a couple of other lenders to consider that operate in more states.

  • OppLoans: If you need to borrow more money, OppLoans is worth considering.
  • Upstart: Upstart says it looks at factors beyond your credit scores when considering you for a personal loan.

About the author: Sarah Archambault is a freelance writer based in New England. She enjoys learning new ways to spend money wisely and helping others figure out how to make smart financial decisions. Sarah is a graduate of the Newhouse… Read more.