Conference

ship Advisors
eowner
2016 Hom
ro d u c t s
Credit B uilder P

Associated Bank
Information Comments
Product name Associated Credit Builder Loan
Geographic area Statewide Also available in Wisconsin and Illinois
21 locations throughout the Twin
Branch/office locations
Cities, Red Wing & Rochester
Loan amount(s) $1,000
Products utilized Personal loan and savings account Savings account earns interest
Interest rate 4.0% APR $42.32 monthly payment
Loan term 24 months
Able to set up automatic payments to
Credit reporting Equifax, Experian, TransUnion
avoid late payments.
Can close the account at any time and
get refund of principal paid (but not
interest). Can pay off early and can
pay more than the minimum due, but
Additional features
credit reporting will stop once paid in
full. No monthly maintenance fee on
Associated Checking account for 25
months.

Opening Doors

EX PA N D I N G
Opportunity
BMO Harris Bank
Information Comments
Product name CD Credit Builder
Also available in IL, IN, KS, MO, WI, AZ,
Geographic area Statewide
FL, IA
Branch/office locations 22 Minnesota locations number and area (Twin Cities, other)
Loan amount(s) $1,000 - $5,000
Secured Loan and Certificate of
Products utilized
Deposit (CD)
Auto pay discount available if BMO
Interest rate 6.24 - 6.49%
DDA customer
Loan term 24 - 60 months Term of loan must match term of CD
Credit reporting Equifax, Experian, TransUnion
CD earns interest (as of 4/12/16
0.10% - 0.75% depending on term).
Additional features
Early withdrawal penalty equal to
approximately 6 months of interest.

Sunrise Banks
Information Comments
Product name Sunrise Credit Builder Program
Geographic area Twin Cities Metro
Branch/office locations 6 locations in Minneapolis and St. Paul
Loan amount(s) $500, $1,000 or $1,500
Personal Loan and Certificate of
Products utilized CD earns interest
Deposit (CD)
Interest rate Daily rates, varies based on loan term
Loan term 12 months, 18 months or 24 months
Cannot be reported late. If a customer
Equifax, Experian, TransUnion and
Credit reporting gets to 29 days past due, the loan will
Innovis.
be closed using funds from the CD.

ITIN eligible. For customers who make

all loan payments on time, Sunrise will
Additional features credit back 50% of the total interest
paid on the loan. Customers can take
out more than one loan at a time.
Comunidades Latinas Unidas en Servicio (CLUES)
Information
Product name Lending Circles
Geographic area Twin Cities Metro (7-metro area)
Branch/office locations Minneapolis and St. Paul
Loan amount Varies*
Products utilized Mission Assets Fund (MAF) product
Interest rate 0%
Loan term 6-12 months
Credit reporting Experian, TransUnion
1) Financial Assessment and coaching
required for local participants.
2) A way to receive a short term loan
OR a method to save income; while
establishing credit history.*
3) Structural concept is culturally
recognized; a great tool for
Additional features
communities to utilize a known
concept while adapting to the US
credit system.
4) Application is online and monthly
transactions are electronic based
(ACH) therefore there are more
options for accessibility.**
Comments
Commonly known as Tandas by
the Latino community. The structural
concept is recognized as an informal
method in many cultures.
*Depending on participants needs.
Monthly payment usually within $50 -
$100.
Product shows as installment loan on
credit report. Managed by MAF and
coordinated by CLUES.
Potential fees can be accrued by
negative management by consumers;
and can be avoided altogether.
However interest rate will always be
0%.
Group formation sessions determine
the monthly contribution amount,
and distribution order. The # of
participants and payments determine
loan amount and term. (Ex: Group of
6 participants contributing $50/month
equals a loan amount of $300 and a
term of 6 months)
SSN or ITIN required.
Online educational modules required
if client is not participating in CLUES
Financial Capability program.
*Perspective of LC structure as a loan,
or a savings method varies depending
on order of distribution.
** Registration portal:
www.lendingcircles.org has a mobile
component. Promissory notes and
agreements are electronic based,
utilizing DocuSign.
Metropolitan Consortium of Community Developers (MCCD)
Information Comments
Product name Credit Building Loan Program
Geographic area Statewide, referral based*
Branch/office locations N/A
Loan amount $240
Products utilized Personal Loan
Interest rate 0%
Loan term 12 months
Credit reporting Equifax, Experian, TransUnion
Referral partners: CommonBond,
Lutheran Social Services, Minneapolis
*Clients must be referred through Urban League, Build Wealth,
Additional features
approved nonprofit partners Neighborhood Development Alliance,
Project for Pride in Living, PRG, Inc.

Park State Bank

Information Comments
Product name Credit Builder Loan
Geographic area Twin Cities Metro and St. Louis County
Currently the counseling component
is available in Duluth, but can make
Branch/office locations Minneapolis and Duluth
arrangements with Minneapolis
branch.
Loan amount(s) $2,500 minimum
Personal Loan and Certificate of
Products utilized CD earns interest
Deposit (CD)
Interest rate Daily rates, varies based on loan term
Could go longer than 5 years if it fits
Loan term Up to 5 years
with the customers savings plan
Credit reporting Equifax, Experian, TransUnion
Additional features