One of the great privileges of my role as the Director of Consumer Lending at Spring Bank is the partnerships I’ve built with financial counselors around the city. Financial counselors support families as they rebuild after financial loss, overcome homelessness or work to build more financially secure futures. The role of a financial counselor is critical. They are often the bridge between financial institutions and families, providing education and creating access to affordable banking products.
Financial counselors have also helped us at Spring Bank to better understand consumer lending needs in New York City. We’ve designed our small dollar loan products—such as The Credit Builder Loan and The Start Loan– to meet these needs. We are so grateful for these community-focused relationships.
To make the jobs of financial counselors a little easier, we’ve partnered with Happy Mango, an online financial service platform with interactive financial education tools to help financial counselors get credit for the positive impact they have on their clients’ financial future. Here’s how it works:
First, financial counselors can direct their clients to apply for a Credit Builder or Start Loan via the Spring Bank website.
Clients can choose the loan amount they need based on their ability to pay. This means each loan is customized to the client’s needs.
Clients enter the name and email address of the financial counselor who referred them to the loan.
Financial counselors receive a certificate of accomplishment in their inbox when their clients have opened savings accounts, improved in their credit score upon payoff, or accumulated savings overtime. These certificates can be presented as proof for outcomes achieved.
With no minimum credit score requirement for your clients, The Spring Bank Start Loan and Credit Builder Loan are great ways to bridge the gap for your clients as they build their credit or get back on a solid financial footing. Each product alone results in multiple financial outcomes. Along with our partners form Happy Mango, we encourage you to use our platform to measure outcomes.
It’s been our pleasure to support you and our community of financial counseling partners and if there’s anything we can do to make your job easier, don’t hesitate to contact me or anyone from The Spring Bank Team at 718-879-5000.