Credit Building Loan Product Application

Credit Building Loan Product Application Test
Financial Institution and/or Lender Name*
Full name of your bank, credit union, finTech, or other
Product Name*
Please enter the anticipated product name as it would appear on consumer-facing materials
Primary Contact
Name*

First NameLast Name
Title*
Email*
example@example.com
Phone Number*
Please enter a valid phone number.
Product Specific URL*
If a product-specific webpage is not available, please provide your main website URL
Reports to all three major credit bureau companies*

YesNo
This loan product/account can be opened online*

YesNo
Term of the loan is at least six (6) months long*

YesNo
Term of the loan, if not at least six (6) months long, is: *
Prepayment penalty
Financial institution/lender allows early payoff without penalty. The consumer may pay off the loan early in whole or in part with no extra or pre-computed fees or charges*

YesNo
Summarize the terms of the loan product: loan sizes available, terms for each loan size, annual percentage rate (APR), interest rates, and any fees or other charges*
Please upload Consumer-Facing Product Description*

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There are fees or add-on products other than late fees*

YesNo, there are no such fees or add-on products
If yes, list fees and amounts
Annual Fee*
Processing Fee*
Credit Insurance*
Application Fee*
Participation Fee*
Other fees or add-on products
The Annual Percentage Rate (APR), calculated using the requirements under the Military Lending Act, is eighteen (18%) percent or below*

YesNo
The APR is * % .
There is a difference between APR and Interest Rate click here to learn more.
What is the maximum Interest Rate allowed for this loan?*
There is flexibility to choose the size of the loan*

YesNo
Please upload application "flexibility" materials, if any, related to the account

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Collection in Event of Default
In the event of default, the financial institution/lender will collect the unpaid balance from the security but will not employ a third-party debt collector, sell the debt to a debt buyer, or initiate legal action against the borrower*

YesNo
Affordability
The lender considers the borrower’s ability to repay the loan on its terms in accordance with applicable laws, regulations, and guidance*

YesNo
(See National Consumer Law Center brief on potentially

applicable laws, regulations and guidance)
The financial institution/lender utilizes an Income vs Expense and/or Budget assessment tool*

YesNo
The monthly payment is under fifty ($50) dollars per month*

YesNo
The monthly payment is $ * per month.
Please upload application "affordability" materials, if any, related to the account

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Upload Terms and Conditions
Please upload product terms and conditions, consumer disclosures, including any Truth-in-Lending disclosures, as well as any consumer-facing marketing materials, if any, related to the account*

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Privacy Policy
The financial institution/lender uses the Consumer Financial Protection Bureau’s (CFPB) model privacy form*

YesNo
View the CFPB’s model privacy form
Please upload your Privacy Policy*

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Who is your banking core processor?*
Please Enter the total number of U.S. branches*
Footprint
Please select all of the U.S. States where your branches are located*
When do you anticipate this product will be publicly available?
If the account is already live, please select today's date. If the product is still in development, please note the anticipated launch date.*

MonthDayYear
Date
Bank On Boston Builds Credit Data Reporting

The United Way of Massachusetts Bay and Merrimack Valley partners with the City of Boston’s Center for Working Families to collect and report data on certified Bank On Boston Builds Credit products. In order to assess the efficacy of financial education and to see if individuals are transitioning to additional credit building products, we are requesting that financial institutions share quantitative aggregate client level data regarding usage of credit building loans. Reports are published in aggregate keeping anonymous each financial institution's individual data. Please provide a contact for us to reach out to with more information on this voluntary initiative.
Name

First NameLast Name
Email
example@example.com
Phone Number
Please enter a valid phone number.
Please share any additional information that might be useful
Should be Empty:

Credit Building Loan Product Application Test

Primary Contact

Prepayment penalty

If yes, list fees and amounts

Collection in Event of Default

Affordability

Upload Terms and Conditions

Privacy Policy

Footprint

When do you anticipate this product will be publicly available?

Bank On Boston Builds Credit Data Reporting