Credit Builder Loans (CBLs) are unique in the small dollar lending world. Secured by the loan proceeds with no money exchanged up front, they have the sole purpose of helping people (re)build credit. CBLs are a credit building stepping stool and gateway to other financial products. For this reason, they can be an easy add-on for nonprofits already lending, or a great way for financial capability organizations to augment their toolbox. But, how do they work exactly? And, who do they help? Well, we’ve got a guide for that!
During this webinar CBA introduces its hot-off-the-press Credit Builder Loan Toolkit that walks practitioners through the steps of setting up and servicing CBLs. In addition, we are joined by Tamra Thetford from Justine PETERSEN and Andrea Yee from MyPath who discuss the ins-and-outs of their CBL models and lessons learned over years of administering CBLs.