How Should We Serve the Short-Term Credit Needs of Low-Income Consumers
Author: Melissa Koide, Rachel Schneider
Topic: Credit & Debt
Publisher: CFSI - Center for Financial Services Innovation
Location: United States
Format: Report
Content Type: Research
Publication Date: April 30, 2010
For unbanked and underbanked borrowers, ncome supports, budgeting guidance, and additional savings will not entirely fill the need that credit satisfies. First, well-structured credit can support a household’s ability to save. Second, building a credit history is a critical financial asset in its own right. Third, credit can facilitate an investment or purchase that provides the foundation for other wealth-building activities. To meet these goals, small-dollar, short-term credit must be high quality. It must be marketed transparently and priced fairly.
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