REAL Solutions® aims to help people with low wealth become credit union members, grow savings, establish credit, and build assets. Product and service categories are designed to help members take five steps along the “credit path”: education, transaction services, credit, savings, and homeownership.
Many credit unions are offering alternative products to payday lenders and check cashers. They are offering the unbanked and underbanked opportunities to have transaction accounts through fresh start checking and pre-paid debit card programs. They are making saving money easy and fun through “keep the change” and prize-based savings programs. They are helping consumers build and re-build credit by using alternative credit reports and score builder loans. They are helping entrepreneurs obtain small business loans and they are helping families become first-time homeowners.
Credit unions are invited to look through a menu of services that can help with outreach efforts to the unbanked and underbanked.