A key component of Credit Building Nation is providing financial products to clients to help build or improve their credit. The primary financial product for Credit Building Nation partners and their clients is the Save2Build account.
How do Save2Build Accounts work?
Justine Petersen’s CDFI, Great Rivers Community Capital, makes a $300 credit builder loan to eligible clients from certified partner organizations. The proceeds of the $300 loan go directly into a locked savings account that Justine PETERSEN provides. Clients then repay the loan over 12 months; making monthly payments of approximately $26 (exact terms vary by state). All on-time payments are reported to two of the three credit bureaus. After a year, the client has $300 to use towards opening a secured credit card or other financial goal.
Credit Building Nation blends the convenience of technology with the personal touch of one-on-one assistance. Simple, clear underwriting criteria allow financial coaches to recommend the product with 100% confidence that it is a fit for their client.
A simple online application allows financial coaches to submit applications for Save2Build directly to Justine PETERSEN. No forms to email or mail and you can’t accidentally submit an incomplete application. Financial coaches can see the status of the application and when it is approved.
Remote Loan Closing
Once approved, loan documents are provided via DocuSign for remote closing. Loan documents can be signed via computer, smart phone, or tablet.
Loan Management Portal
An online portal allows financial coaches and clients to log in and see the details of their Save2Build Account. The portal provides easy-to-access information on overall details on the account as well as monthly transaction data.
Multiple Payment Options
Monthly payments can be made by ACH withdrawal, calling or mailing in a payment, and COMING SOON, online.