Find Social Loans are a Proven Tool for Credit Improvement
June 5, 2013: Two reports were released yesterday from independent evaluators at San Francisco State University studying the impact of Lending Circles on credit improvement. These reports confirm that social loans paired with financial education are a viable model for increasing financial capability of low-income consumers nationwide. Exciting new insights include:
The average increase in credit score: 168 points
Average credit score post-Lending Circles: 603
An average reduction in debt per participant: $1,000
A special thanks to the Ford Foundation, CFSI and Citi Community Development for supporting this work!