Sound Outreach launches Credit Up
Charles Taylor has a clear vision for his success. He has an ambitious spirit and is not slowed down by obstacles. Overcoming the problems that might discourage others is part of what makes him an entrepreneur. Charles recently started a small but profitable business. He has built a network of contacts and has plans for expansion. What he doesn’t have is good credit–an obstacle that’s difficult to overcome with grit alone.
On November 10th, Charles received the first Credit-Builder Loan through “Credit Up,” Sound Outreach’s financial counseling and loan program done in partnership with Harborstone Credit Union. With long-term financial coaching and access to low-cost financial products, Credit Up helps Pierce County residents take control of their finances.
Charles Taylor signing for the first Credit Builder loan at Harborstone Credit Union.
The Credit Builder Loan is a no-fee, $300 loan with a low 3.1% interest rate. The sole purpose of the loan is to build or repair credit by saving the loan money for a period of time rather than spending it. The $300 loan is deposited in a restricted savings account. After it’s repaid, the funds are released to the borrower who, through positive repayment, has improved their credit score. The Credit-Builder is one of five products offered through Credit Up.
In addition to the loan, Charles is meeting with one of the program’s certified financial coaches to develop and implement his financial plan, which includes opening a checking account at a traditional bank or credit union. After building his credit, he will apply for a small business loan.
Charles’ story shows why this free program is unique and effective: the program combines financial counseling with access to products that are tailored to unlock peoples’ potential. Loans and other financial products are available to participants recommended by one of the financial coaches.
In the coming months, we’ll share more stories about our dynamic partnership with Harborstone as we team up to prepare Pierce County residents, especially those who are unbanked and underbanked, to overcome obstacles to reach their financial goals.
Questions? Interested in meeting with a financial coach or investigating financial products?
Contact Brian Humphreys
253-486-6381
brian@soundoutreach.org
