Small Dollar Loan | Program Details
Consumers who need to save cash for their future or upcoming home purchase downpayment may benefit from an Artisans’ Bank Credit Builder loan. In this program, the funds from a small dollar consumer loan are deposited into a savings account at Artisans’ Bank, which serves as collateral for the loan.
As borrowers make their monthly payments, using their income (cash flow), they’ll not only be improving their credit scores, but also building their savings balances. Below is the basic outline of the program.
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Interested in this loan?
This is a Community Reinvestment Act Program, please contact the Bank's CRA Officer, Joel Schiller, at 302-884-6566, or jschiller@artisansbank.com.
How this loan works.
- Proceeds from the Credit Builder Loan are deposited into a savings account that is held by the bank as collateral.
- The borrower repays the loan monthly while strengthening their credit rating.
- At the end of the loan term, the borrower gets their loan principal plus interest on the deposit account.
Referring Agency
Clients must agree to maintain contact with their Referring Agency during the life of the Credit Builder Loan. The Agency will be responsible for any consumer education or technical assistance that is required by the applicant(s). The Agency, the Bank, and the Client will sign an Authorization to Share Customer Information disclosure.
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