Loans

At first glance, it may seem a bit strange for a program like this to be offering loans instead of income. There are several good reasons for this. Chief among them is the fact that I did not want this to be another one of those GRQ (get-rich-quick) programs that attract the unscrupulous business seekers who are out to make a quick buck and move on. This program is, first and foremost, designed to help organizations and ministries succeed at the missions and goals that really do help people.

My background is that of a Christian pastor. My first love is Jesus Christ and all that I do in this program is for the building of His Kingdom. While that is my focus, I am not limiting the program to organizations that are focused solely on that purpose. Other organizations will be able to take advantage of the fruits of this concept.

If one looks at the amount of money that people donate to charitible organizations and the church, you can't help but wonder why more money isn't flowing through these places. As I examined the situation, and even my own financial situation, it became clearer that the more I pay to finance companies for my automobile and house, the less I had to invest in organizations that exist to help those who are less fortunate than I. I reasoned that if there was a place that I could get the same benefit of using a loan without having to pay such exhorbitant interest payments each month, I could choose to put those interest dollars someplace else. But, if I am going to be faithful and pay as I promised, I have no choice but to pay.

I created this loan program to save people from having to pay the interest payments in hopes that those dollars could be channeled into missions and other places that I choose to put them. That is the reason that we charge no interest on our loans.*

The loans that we grant are essentially guaranteed. If you have points on account, you will be able to qualify for the loan, regardless of your credit rating. In fact, we do not check your credit rating. If you are amember in good standing, which means that you are donating monthly and accruing points, you are eligible for the loan.

The terms of the loans are also very flexible. When you fill out the application, you will tell us how you intend to pay back the loan. Different purposes for the loan have different payback parameters. For instance, if your loan is to pay off credit card debt, you can opt to make a minimal payment per month. These loans can not extend for more than 36 months. So if you have $3,000 in credit card debt, your payment for that loan will be $84 per month to fully pay the amount off in the 36 months. Or you can choose the 1% option. That option allows you to pay one percent of the face value of the loan each month with a balloon at the end of the period. At the end of that term, you can pay it off or refinance it--your option.

For larger loans such as those for automobiles or homes, you can pay the 1 percent per month, or you can pay annual payments of 6.75% of the face value of the loan per year in one lump sum, on the anniversary of that loan. At any time, you may choose to refinance the loan.

Those are the structured flex terms. You can also choose to make an offer of terms that may fit your budget.

PointsBank does expect every person who obtains a loan to pay back the loan as you promise.

We do not dictate the purposes that the loans. We do reserve the right to refuse to loan money to anyone whose purposes do not fit our overall mission of Kingdom Building, however. PointsBank will be the sole arbiter as to whether or not your purposes fit with our program.

In most cases, we prefer writing individual loans to third parties, i.e. XYZ Credit Corporation or First Auto Loan Corp. In the cases where the loans are to purchase a big-ticket item such as a home or car, we reserve the right to be named lien-holder of that item.

For unsecured debt, we will simply use your personal guarantee that the loan will be paid as promised.

*All loans have an application or origination fee (all from points--no cash allowed!). This fee covers the costs associated with making the loan. In addition, we strongly encourage members to add into the loan, the cost of one year's donations (120 points). While not mandatory, it does offer the opportunity to fully donate without further encumbering your credit or debit card.