I was fortunate enough a few weeks ago to find myself in a room with some of NYC’s top immigration and human rights groups (courtesy of the New York Community Trust) through which I learned about an exciting new initiative: a 0% Interest loan for Deferred Action (DACA) backed by activist organization NEDAP and the LES Credit Union.
One of the many concerns we’ve heard from potential deferred action applicants is the cost. We understand the concern: at $465 per applicant, a family with 2 to 3 candidates faces a hefty barrier to entry to take advantage of deferred action. This is why we are so excited to hear of this initiative and are looking to work with NEDAP in order to service applicants.
Here is how the DACA loan program works:
Applicants may take a loan out for up to $465 dollars.
The loan is available for all DACA applicants, and multiple applicants from one family may apply for the loan.
There is a 0% interest rate on payments. You read that right, and there is no asterisk there: your responsibility is only for the initial principal sum (up to $465). This will be payed in $38.75/mo installments over the course of 12 months.
There is a $20 processing fee for all loans.
All applicants will be able to open up an account with the LES Credit Union and start building up a credit history. This is a great opportunity for immigrants who are looking to build credit, but were (until now) unable to get started.
In order to receive the loan, applicants must meet with a local DACA screening organization (like Atlas: DIY) in their community.
We want to stress how amazing a resource this is for deferred action applicants. Please refer to this link for more information about the NYC DREAMers Loan Fund. We will also answer answer comment questions below.