August 1, 2017 > Credit scores get a boost from peer lending
Credit scores get a boost from peer lending
Submitted By City of Fremont
Establishing and improving a credit score can be no easy feat. But, we all know a high credit score is crucial if someone is looking to rent or buy housing, find a job, open a credit card, or obtain a better loan.
The Fremont Family Resource CenterÕs Peer Lending Program, which is operated by SparkPoint Fremont and will be available starting in August, was developed to help those who need assistance establishing or improving a positive credit score. How does it work? This financial program provides users with a very small social loan that increases their credit score as they pay back the loan on time. And, the loan doesnÕt come from SparkPoint Fremont. ItÕs a zero percent interest loan that is provided by a group of peers who are also looking to improve their credit scores.
Those interested in the Peer Lending Program must have a household income below the listed income for their household size, be 18 years of age, and become a SparkPoint client in good standing.
Additional information and qualifications for the Family Resource CenterÕs Peer Lending Program can be found by visiting our Peer Lending webpage (https://www.fremont.gov/CivicAlerts.aspx?AID=1213).