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Credit

For consumers with no established credit history or nonprime credit scores, low-quality credit sources may be their only lending option – ultimately hurting their financial health. Small-dollar credit and other responsible lending products can help millions of households to better manage budget volatility, cover unexpected expenses, and reach financial goals. Explore our free research and resources for financial services providers looking to improve their credit offerings, and partner with the Financial Health Network to develop better solutions.

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How Financial Institutions Can Structure Small-Dollar Credit for Financial Health

Recent regulatory developments have opened opportunities for lenders – particularly banks – to offer small-dollar credit. Data shows that investing in customers’ financial health results in greater long-term loyalty and profitability. In this brief for financial institutions and other lenders, the Financial Health Network offers a series of recommendations for supporting the short and long-term financial wellness of small-dollar credit customers.

Financial Health Can Be So… Retro

Some of the most popular financial health tools introduced by fintechs actually replicate and automate habits and “life hacks” that many households used successfully before the era of electronic banking and payments. These digital “retronovations” bode well for banks and credit unions seeking to offer services that help their customers while also bringing subscription revenues that lessen institutions’ dependence on penalty fees.

The Need is There: Secured Credit Cards as a Credit-Building Tool

By Laura Cummings, Director, Financial Health Network Amazon’s new Credit Builder secured card has ignited debate and dialogue about access to credit and the role secured cards can play in helping or harming consumers. We often hear about the millions of Americans who are deep in credit card debt, which points to the downside of…

Retronovation #3: Installments to Tame Credit Card Debt

By Corey Stone, Entrepreneur in Residence, Financial Health Network  The Sears Catalog was the Amazon of its time, containing just about everything one might want. In its heyday, large ticket items came with a monthly price and term for those who needed or wanted to pay for their purchases over time. Beginning in 1892, the…

Bringing Underbanked Consumers Out of the Shadows

In this guest blog post, Josh Sledge and Equifax describe characteristics of underbanked and unbanked consumers and how financial institutions can better serve them. Josh tells us, “There’s a real market opportunity for providers to help underserved consumers build savings and credit to increase their resilience to financial shocks.”

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