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Small Dollar Lending Education

At FinWise Bank our mission is to move our customers forward! We provide customers with alternative financing options to those in different stages of the credit spectrum. This financing allows our customers to take out loans that fit their budget and improve their financial situation.

“Only 53 percent of respondents indicate that they could cover a hypothetical emergency expense costing $400 without selling something or borrowing money. Thirty-one percent of respondents report going without some form of medical care in the past year because they could not afford it.” *Federal Reserve Board Issues Report on the Economic Well-Being of U.S. Households, May 2015

Financial Literacy is Being Taught in Schools Again

In a report from the Council for Economic Education, just 17 states required high school students to complete a personal finance course. Many states have financial literacy programs lined up for coming academic years.

Small Dollar Lending Attracts Prudential Backing

Fintech company supports Prudential’s mission to “Make lives better by solving the financial challenges in a changing world.”

Surprise Medical Expenses Are a Significant Source of Financial Stress for Middle Class Consumers

Unexpected medical expenses may cause a financial burden on Americans, regardless of credit score.

Elevate celebrates its 2 millionth customer

Elevate is committed to providing solutions to non-prime customers today, while helping them become more financially healthy tomorrow.

“Center for the New Middle Class studies the needs, challenges, and attitudes of Americans with non-prime credit, or those with credit scores below 700. A full 51 percent of non-prime Americans admit that their income fluctuates month to month. Twenty-two percent say that it fluctuates “a lot.” While this doesn’t always cause problems with one’s finances, it does make planning much more difficult. 62% are not confident in coming up with $1,200 in an emergency.” *Center for the New Middle Class: More than Education, December 2017

More Banks are Trying to Get a Piece of The Payday Loan Pie

More banks are offering small loans to Americans facing short-term financial emergencies.

FDIC Seeks Information on Small Dollar Loans

The FDIC is seeking public feedback on the steps it can take to meet the small-dollar loan needs of consumers.

Episode 139: Marla Blow FS Card

Non-Prime customers are not being served by traditional products which used to be reasonably accessible. Marla Blow strives to solve the credit problem that customers might have otherwise solved with a payday loan and drive positive credit behavior.

Podcast 156: James Gutierrez of Insikt

86% of people can’t pay Payday Loans back on time. James Gutierrez strives to help improve financial health in cash-based cultures.

Correcting & Replacing: Elevate announces Boost in Customer Finnancial Health

More than 140,000 Elevate customers improved their credit scores appreciably.

U.S. Bank Returns to Small-Dollar Lending. Will others follow?

Several banks are now offering small dollar loans for cash strapped checking account holders.

Elevate: Providing Responsible Credit to Non-Prime Lenders

Elevate is a credit provider that prices their loans based on risk. Their mission is to help move people in the right direction instead of creating a financial trap.

Bankthink: I know what it feels like to be unbanked

8.4 million households continue to lack a banking relationship. Half of the unbanked population once had a banking account but now may be unbanked because they felt they did not have enough money to keep in an account.

The perception that banks were not at all interested in serving households like theirs was similar among unbanked households that previously had an account (54.2 percent) and those that never had an account (58.7 percent) *2015 FDIC National Survey of Unbanked and Underbanked Households, October 2016

Can Small-Dollar Loans be both Profitable and Safe?

Pew Charitable Trust is proposing new guidelines for small-dollar loans at banks and credit unions. This proposal suggests that payments should not exceed 5% of the borrower’s paycheck and should not trigger overdraft fees.

Banks Foray into Small-Dollar Loans - Adds pressure on Payday - Lending Industry

Banks are entering the short-term loan market. This could bring interest rates down and squeeze payday lenders.

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