August 13 2012
If you're a parent who has had trouble getting an auto loan, there may be help. It's a program called "Ways to Work," offered by Milwaukee's Social Development Commission. It connects low-income families to small loans.
The basic requirements--
- Work at least 25 hours a week at a job you've held for at least 6 months
- Poor or "no-credit" standing
- 18 years of age
- No outstanding debt to financial institution
- If you've declared bankruptcy, the debt must be fully discharged
Families may receive up to $6,000 to purchase a vehicle or up to $1,000 to make repairs. The loans are offered at a flat 8% interest rate, and they must be repaid within 24-30 months. Applicants are also required to complete a financial literacy workshop, among other requirements.
Want to find out more? To contact ways to work, call (414) 906-2822.