Borrow & Save Overview

Date Created: January 26, 2015
2015-01-23 14.03 Borrow _ Save Overview.wmv

The Borrow and Save Program can benefit your credit union and members. Borrow and Save is a small dollar loan coupled with a savings component, providing access to affordable credit while building assets to self-fund future bills or emergencies. Consumers borrow between $300 and $3,000, and 10-50% of the loan balance is placed in a restricted savings account for the term of the loan. Loans range from 3 to 12 months and credit unions price the loans affordably. When the loan is repaid, the borrower has savings which helps build credit. Borrow and Save has no minimum credit score to ensure broad access to consumers who might otherwise rely on predatory lenders. The program is part of the Filene Incubator Project and participating credit unions have made over 1600 loans totaling more than $1.8 million.

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