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As a new generation of students getting an excellent education, you have the ability to solve a major financial issue that affects thousands of people every day. TFC Title Loans strongly believes that your creativity may hold the answers to revolutionizing the lending industry. The goal is to better benefit both the consumer and impose less risk to the lender. For this reason, we have created the Financial Innovation Scholarship Program.
To qualify for TFC Scholarship for Financial Innovation you must be enrolled in an accredited undergraduate university.
No fewer than 2000 words, propose a new financial product that could improve the current issues within the sub-prime lending industry. Describe a business model, whether web-based or not, that could lessen the consequences of sub-prime lending. The essay should include the perspective of both the consumer and the lender. It is encouraged that applicants include possible projections, APRs, and calculations as evidence for their proposal.
Along with your essay we also ask that you include:
Send all materials to: email@example.com
Please send in your application by August 1st to receive funds for the Fall 2018 Semester.
According to the business magazine Entrepreneur, as you move into adulthood your credit score replaces your SAT score as the number that defines you to institutions. As a current college student you know all too well how it feels to be judged based on a number. This does not end after you finish college. Those who have high credit scores have no trouble finding funds when they are in need but many are not so lucky.
Every week low credit scores lead to thousands of people being turned away from traditional lending. There has been an array of lending programs built over the years for individuals with poor credit. Most of them have higher interest rates in order to compensate for the credit risk posed by a subprime borrower.
People with poor credit get into situations where they need emergency funding just as often as people with perfect scores. History has shown there is a need for sub-prime lending; however, the risk is on both sides. In the sub-prime market, higher interest rates and unexpected financial circumstances (unemployment, divorce, medical emergencies) can lead to the consumer’s inability to repay the loan on nearly 10% of all loans issued. On the reverse, the lender needs to charge higher interest rates to combat this loss in capital and support their overhead.
Andrew Ferrante – Clemson University