Cynthia Campbell shares insights from Filene's LIFT (Lower Interest For Timeliness) pilot program.
Originally developed by a group of Filene i3'ers, LIFT is a simple loan feature that reduces loan interest rates when members make on-time payments. Thanks to a generous grant from the Center for Financial Services Innovation, Filene built and tested LIFT with five credit unions and 1,000+ low-to-moderate-income consumers with subprime credit scores.