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Accessible Financial Services

Borrow & Save

Established by the National Federation of Community Development Credit Unions, Borrow & Save increases consumers’ economic security by providing an affordable small dollar loan with a payment term that makes sense for them. A built-in savings component also enables consumers to self-fund emergency expenses instead of borrowing money to handle them.

Contact Andrew Downin, managing director of innovation, to learn more or let us know you're interested in implementing this product.


Final Results

During the incubator’s 16-month reporting period, fourteen credit unions closed 3,100 loans for over $2.9M in lending and $900,000 in savings. The average loan per borrower was $944 and the average savings was $290. Also, the average age of the borrowers was 41 years old with an average income of $33,268 and an average credit score of 523.

Peninsula CU – Jim Morrell – CEO:

“Peninsula CU was able to grant new member, James, a Borrow and Save loan in June 2014. He had good employment, but was in the beginning stages of divorce, and found himself short on cash days before payday. James was also scheduled to head out of town for work and needed to pay the mortgage (for his soon to be ex-wife) and provide food for his children before leaving. He came to Peninsula CU to find an alternative to a payday lender.

James paid off his Borrow and Save loan today and thanked Peninsula CU for the help. In the time since taking out the Borrow and Save loan he has been able to save $3,000 for a down payment on a new car and add $2,000 to a savings account.  And great news . . .he financed his new vehicle with Peninsula CU.  James expressed his gratitude and expressed that he is in a much better place in his life in part due to the assistance provided by PCU. What a great story!!  Truly people helping people. “

Member Testimonials:

  • “Really and truly it helped me out and now that I’m about to finish paying it off, I really forgot about the saved amount I had coming to me. I'm glad it worked out that way. Now I have something to look forward to once the loan is paid.”
  • “There was an emergency need with my gas bill to be paid and other personal needs. I am a substitute teacher in the school system and I only receive social security each month. School is out for the summer. This made a tremendous impact so I can get a second chance to build good credit and strengthen my chance at solid credit.”
  • “It is a product I'm able to access easily. I have been able to increase my credit score from 410 to 570, and I have been able to pay off at least one debt each time I utilize the loan.”

For more details and testimonials please see the Final Summary Report found in the Resources section.

Borrow and Save was selected to move into the marketplace phase of the Incubator. To learn more about subsequent efforts to broaden awareness and use of the product, visit the Accessible Financial Services Incubator page.