Increase consumers’ economic security by providing an affordable small dollar loan with a payment term that makes sense for them. Download free and easy to use implementation resources below and get started today.
Borrow & Save Details
Established by the National Federation of Community Development Credit Unions, Borrow & Save increases consumers’ economic security by providing an affordable small dollar loan with a payment term that makes sense for them. A built-in savings component also enables consumers to self-fund emergency expenses instead of borrowing money to handle them.
Final Results
In 2014, the Federation, Filene Research Institute, and the Ford Foundation partnered to test the Borrow and Save loan within Filene’s Accessible Financial Services Incubator. The Incubator provided a way to further test, package, and deliver viable financial products designed to address the needs of the underbanked consumers. Fourteen credit unions initially entered the Incubator.
During the incubator’s 16-month reporting period, fourteen credit unions closed 3,100 loans for over $2.9M in lending and $900,000 in savings. The average loan per borrower was $944 and the average savings was $290. Also, the average age of the borrowers was 41 years old with an average income of $33,268 and an average credit score of 523.
Feasibility Study
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Summary Report
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Reaching Minority Households Incubator
Report
During the past two years, Filene tested five products designed to meet the needs of minority households. In this report we share our results on the efficacy of these products and their potential for long-term sustainability.