The MICAH Program
What MICAH does
• The MICAH Program helps individuals (called neighbors) in financial distress with financial counseling and/or small, low-cost loans.
• A MICAH loan is intended for the one-time support of a borrower who suddenly needs to borrow money.
• MICAH Program loans are provided by Self-Help Credit Union (SHCU), with an interest rate of 4% over the then current savings deposit rate (current loan interest rate is approximately 4.25%), to be repaid over a term of between 12 and 18 months. • The MICAH loan maximum is $1500. The borrower is expected to be able to repay the loan and live within the budget, which includes normal ongoing expenses of food, rent, and utilities.
What is the Loan Approval Process?
Neighbors interested in financial counseling and/or applying for a loan begin the process by contacting MICAH's Referral Coordinator, who makes an initial assessment that the need qualifies under the program and that the neighbor is willing to comply with the requirements.
Contact Julia Mullen at the St. Anthony Gallivan Center (864) 233-7717.
A MICAH mentor is then assigned to work with the prospective borrower in completing the application process and then serves as a supportive companion on the borrower's journey to financial stability.
Financial Guidance
Many people struggle with how to manage their money. They all share common questions.
- How much money do I need every month to get by?
- Where does my money go each month?
- Why should I use a bank or credit union instead of money orders or cash apps?
- What does it cost to keep my money at a bank or credit union?
How to avoid bad loans?
- Loans that charge high rates in fees, penalties, unnecessary loan insurance or high interest rates.
- Loans designed to keep people in debt by paying back interest only.
How does your credit score impact you?
- The lower your credit score, the more it costs you for loans and car insurance.
- Credit scores can improve over time by paying back installment loans or car loans on time.
What help is available for life’s emergencies?
- Many programs are available in our community to help with things such as:
- Food Costs
- Rent
- Landlord Problems
- Power bills
- Credit card debt
- Student loans
Contact MICAH to learn how we can help. (864) 233-7717
