No-Cost Employee Loan Program Available to Indiana Employers

​The Community Loan Center (CLC) of Indiana, a CDFI partner of CDFI Friendly Bloomington, offers employers across all Indiana counties a no-cost employee benefit that provides access to affordable small-dollar loans. Employees can borrow up to $1,000 through a quick online application process, with repayment conveniently through payroll deduction. Unlike payday loans that can carry rates as high as 391% APR, CLC loans are offered at 18% interest plus a $20 origination fee, helping employees address financial emergencies without falling into costly debt cycles. There is no cost or financial risk to employers, and loan administration and collections are handled by the CLC.
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The process is easy: Employees apply online through CLC's secure system, HR verifies employment, and once approved, loan funds are deposited directly into the employee's bank account.

Interested in offering this free benefit to your workforce? Visit CLCofIndiana.org or reach out to Emma Yoder at [email protected].

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