TIOGA COUNTY, N.Y. — When an individual or family finds themselves in need of a new home appliance, it is sometimes not as easy as just heading to the store and purchasing a new one outright. The budget may not allow for the sudden big-ticket expense of a new appliance, or the person may not qualify for the store lines of credit to make the purchase. So, individuals turn to a “rent-to-own” option. However, these entities charge extremely high interest rates, often resulting in the buyer paying four times the cost of the actual appliance over an extended period of time.
Tioga Opportunities, Inc., strives to empower individuals and families with the skills and tools necessary to achieve financial stability and independence and therefore announces the Home Appliance Loan Program (HAL) which offers low interest loans to individuals and families in need of a major appliance including refrigerators, freezers, stoves, washers, dryers, and air conditioners* (*air conditioners require medical documentation). According to TOI, the HAL program is one way to gain a reliable asset and build good credit while avoiding predatory loans and lenders.
Participants must apply to the program and provide proof of documentation (including income). Eligibility is based on ability to make on-time payments, so even families with poor credit are encouraged to apply. If eligible, TOI will purchase new appliances from a local vendor who will deliver and install the appliance in the participant’s home.
For more information or to receive an application for the HAL Program, contact TOI at (607) 687-4222 or visit www.tiogaopp.org.