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Kori commented on Fig Loans, building a bridge from bad to good credit

I really appreciate that you're working with nonprofit organizations to develop and deliver your products. I also like that you're learning from other successful nonprofit models (like LISC twin accounts) to make sure your products are tailored for lower-income consumers. We see a huge need for this these types of credit and credit-building products among the low-income clients we serve, and I'm always excited to see innovative ideas for meeting this need. I would like to explore a partnership to bring your services to Austin.

I love the work you're doing and think it's great that you've developed your programs and products in response to the needs of your community, with a focus on high impact financial products and homeownership support. I'm really interested in learning more about your small dollar loan product, since this is something that many people need but few organizations offer. Could you share more information, here or offline, about the repayment rates you've seen and what you've learned about how to successfully provide a small dollar loan product? Thanks!

Thanks for your comment and interest in the College Hub! We do provide advising, both directly and in partnership with advising staff at Austin Community College (ACC), to help students develop a plan for completing a degree and make sure they're on track to graduate. We also have a data-sharing agreement with ACC that allows them to share student data with us so that we know how many college credits a student has and how they're doing in their classes, so we can provide immediate and relevant support when students are struggling.