Small Dollar Lending EducationAt 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
“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
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