Commitment to Action

Improving Access to Responsible Credit via Technology

Commitment by

Emerge Financial Wellness

In 2014, Emerge Financial Wellness, in partnership with LogicFI, committed to launch a pilot program to help financial institutions successfully underwrite underbanked and subprime consumers for small-dollar personal loans and short-term credit products through technology. The technology will provide financial institutions with a simple solution that allows consumers to apply online, store and sign legal agreements, while providing a fully automated underwriting platform that provides consumers with a near real-time decision. Emerge and LogicFI will partner with ten financial institutions and nonprofits that are providing small-dollar personal loans with the goal of providing 10,000 socially responsible small-dollar personal loans to unbanked and underbanked consumers.

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Overview
Summary

Commitment

Improving Access to Responsible Credit via Technology

Launched

2014

Est. Duration

2 years

Estimated Total Value

$750,000

Region

Northern America

Countries

United States

Commitment by

Emerge Financial Wellness

Partner(s) of the Commitment Maker(s)

Empowering and Strengthening Ohios People (ESOP), Catalyst Miami