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Small Dollar Loan Profitability Calculator FAQ
June 1, 2013This is a list of FAQs about the organizations Small Dollar Loan Profitability Calculator.
Small Dollar Loan Toolkit: A Guide to Creating a Profitable and Consumer Friendly Product
April 1, 2013This toolkit serves as a resource for banks and credit unions interested in offering a safe, profitable, small dollar loan product. The information provided was informed by analyzing the structure of existing loan products, reviewing existing programs and research, and conducting focus groups with small dollar loan borrowers. It provides a coherent summary of the Small Dollar Loan (SDL) environment and the resources necessary to create a safe small dollar loan. An alternative to payday loans, SDLs are a means for customers to obtain necessary credit to pay bills and bridge financial gaps between paychecks. In this toolkit we will define Payday and Small Dollar Loans, outline the advantages of SDLs for customers and financial institutions alike, and review important aspects to consider for credit unions and community banks interested in providing SDLs to new and current customers. The toolkit also provides an online, interactive, profitability calculator to help financial institutions create a consumer friendly, profitable, loan.
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