Meet the Working Group Participants

Enova International

Kinecta Federal Credit Union

Regions Bank

Vancity Credit Union

Millions of Americans lack access to high-quality, affordable credit. Many of the small-dollar loans available to consumers are high-cost, low-quality products that often lead borrowers into a cycle of repeat usage and mounting debt. While there are challenges to innovating in the small-dollar credit industry, the opportunity to serve borrowers in need of high-quality, small-dollar loans is significant.

The Financial Health Network convened the Small-Dollar Credit Test & Learn Working Group of diverse lenders to encourage innovation across the small-dollar credit industry to align provider profitability with borrower success.

The Working Group has generated a body of knowledge that can be leveraged by financial service providers, regulators, nonprofit organizations, and FinTech start-ups pursuing responsible and profitable small-dollar credit solutions. These findings are aligned with the Financial Health Network’s Compass Principles, aspirational guidelines that affirm standards of excellence in the financial services industry.

The Financial Health Network’s Small-Dollar Credit Test & Learn Working Group was funded by MetLife Foundation. The Compass Principles are supported in part by Omidyar Network and the Financial Health Network’s Founding Partner, the Ford Foundation.