Team Member
What loan is specifically available for team members?
Thrive Loan
What is a credit builder loan?
A loan used to help members build credit and savings at the same time
What is a share secured loan?
This type of loan allows a member to borrow money using their savings or CD as collateral
What certification is held by financial counsellors here at Chartway?
Certified Credit Union Financial Counsellor (CCUFC)
What is a credit score?
A number that represents an analysis of a person's financial history and credit risk
Who funds the helping hands fund?
Chartway and team members
What are the two minimum requirements?
18 and Chartway Member
What types of accounts cannot be used as collateral
Checking and IRA accounts
Besides speaking with an in-house financial counsellor, what other options do Chartway members have for financial assistance?
GreenPath
What are the two ways WE can see a member's credit score?
Hard Pull and Soft Pull
As a team member, you have the option to speak with a financial coach. If interested, who should you reach out to?
Stephanie St. Thomas. Alternatively, GreenPath directly
When are the funds released?
When the loan is paid in full
How many share secured loans can a member have at one time?
One per share, no limit per member number
What do financial counsellors create for team members?
Action Plan
Which of our loans do not use the custom score?
Equity and business loans
What amounts and term limits apply to the thrive loan?
What are the amounts and terms?
$500 for 6 months or $1000 for 12 months
Can we secure CDs that mature sooner than the loan payoff date?
Yes, but the CD must be set to auto-renew
In what areas do financial coaches assist members?
Goal Setting, Budgeting, Saving, Debt Repayment and Credit Score Building / Improvement
When a member logs into their OLB, what score do they see?
What are three of the qualifying events of the Helping Hands Fund?
Major Illness or Injury, Death, Natural Disaster or Catastrophe, Involuntary Job Loss, Domestic Violence, Emergency Relocation
What happens if the loan becomes delinquent?
Collections will pay it off with funds held on day 29, so it does not report as delinquent
What are the terms and amounts for this loan type?
$100 - unlimited and up to 144 months (12 years)
What are the 5 C's of Credit
Character, Capacity, Capital, Collateral and Conditions
Payment History, Balances, Utilisation, Age and Mix of Credit, New Credit