community based micro-lending that is completely funded by your fellow neighbour.
sign-up for our pilot launchCheck out our GoFundMe for our Microgrant Initiative.
Learn More >community based micro-lending that is completely funded by your fellow neighbour.
sign-up for our pilot launch
with job insecurity, unliveable wages, no available savings, and limited access to traditional lines of credit many people are in need of immediate cash support to help meet their basic needs or cover an unexpected emergency expense.
Now, with the uncertainty of a pandemic financial challenges
for many have been exacerbated by loss of hours, unemployment and government support ending. We believe more people will be looking for additional financial support, but have little options in where to go.
Individuals have always faced these challenges
especially our most marginalized communities who often have no other choice but to turn to the predatory payday lender industry to access this financial support.
Now, with the uncertainty of a pandemic financial challenges
for many have been exacerbated by loss of hours, unemployment and government support ending. We believe more people will be looking for additional financial support, but have little options in where to go.
Individuals have always faced these challenges
especially our most marginalized communities and often have no other choice but to turn to a predatory payday lender to access this financial support.
from the effects of the pandemic, we believe we must build back a more inclusive society that includes everyone, and ensures basic needs are met unconditionally.
when people are able to achieve financial stability, and basic needs are met, health and wellness can be looked after, higher education can be attained and more meaningful employment can be sought.
we believe this starts with community care.
the coCare Initiative is a community based micro-lending model that is completely funded by your fellow neighbours. coCare gives you access to money to support your emergency cash expenses, help you meet your basic needs and provides time to figure out your next steps to get ahead, rather than behind.
coCare offers a competitive, more compassionate solution to payday lending while applying a traditional model of community based mutual aid, which has existed across cultures and communities for centuries.
The micro-loans will be up to $500 with zero interest on the first 45 days for community members in need of emergency cash funding or assistance with meeting their basic needs. After the 45 days interest will begin and range from 7%-15%.
coCare micro-loans are completely funded by your neighbours through a $25 monthly membership fee that gets redistributed to a monthly pool of funding that people in need of can access for immediate financial support.
This is a community based small dollar micro-loan that sustains itself and directly impacts members of your community by meeting their immediate needs with repayment terms that makee
1
Purchase a coCare membership
The membership is a $25 monthly fee that contributes to a communal pool of funding that your fellow neighbours can apply for to receive up to a $500 loan (with the first 45 days for interest free)
2
Community funding pool
Memberships collected for the month go into a financial pool of funding and then coCare will prepare to distribute the funds to the chosen micro- loan recipients.
3
Community members apply for loans
After membership fees have been collected for that month, applications will then be open for community members to apply for a micro-loan.
4
Applicants are selected and loans are paid out
The coCare team will review the applications and select the loan recipients based upon application criteria from identity, urgency, social economic status and ability to repay. The loans are then paid out to the chosen loan-applicants.
6
45 days finish and interest begins
Interest begins to be added onto the loan and we check-in with the recipients to determine where they are at with their ability to pay and provide options on the best repayment method for them. Interest ranges from an annual rate of 7% -15%.
7
Do it again
The best part about coCare is the community pool of funding is generated monthly and we get to do this all over again.
coCare is a community based micro-lending model that is completely funded by your fellow neighbours.
Monthly memberships are purchased and collected into a community pool of funding. Loan applications are submitted and reviewed by the coCare team. The selected recipients are given up to a $500 micro-loan. When the loan is received the 45 day interest-free period begins. After the 45 days, if the loan is still outstanding interest will begin to be charged on the loan. coCare interest rates will range rom 7%-15% depending on the loan - recipients payback terms.
coCare is inspired by the basic ethos of micro-credit loans and community based mutual aid and the potential of what a payday loan can be. The unique trait to our micro-loan service is that we are merging the best parts of all of these into a self-sustaining community funded loan that supports members of your community to access cash fast in a fair way to help meet their basic needs, cover an emergency expense or provide time to get ahead, rather than behind.
Yes! Community based mutual aid has been around a long time across different communities and cultures, all with the same premise of assisting and helping your neighbours. coCare acknowledges the incredible history of community lending and wants to make accessible this model to all communities and neighbourhoods and merge it with the concept of modern small dollar loans which we feel is the future of lending.
