Nashville, Tennessee (PRWEB) June 17, 2015
LogicFI announced its Clinton Global Initiative (CGI) Commitment to Action at the 2015 CGI Annual Meeting in Denver. The initiative aims to improve access to responsible credit via technology in partnership with financial wellness benefit company, Emerge.
LogicFI is a lending technology organization founded in 2014 by Michael Perkins and Zach Todd. They specialize in quick, data-driven credit decisions that improve servicing and underwriting for a variety of financial institutions.
Emerge, a certified B Corporation led by Mario Avila, is known in the financial wellness industry for providing an employee benefit that promotes positive financial behavior and long-term stability.
The two companies are working in tandem to build a platform that provides a gateway for underbanked consumers to obtain affordable credit products. The program provides online loan applications, automated underwriting, and near real-time decisioning, which simplifies the lending process for customers nationwide.
In addition to products, Emerge will leverage its financial education expertise to embed consumer education and counseling into the program. They aim to promote better future financial decisions by positioning the transaction as a teachable moment and helping users understand the true impact of microloans and credit building.
The system is currently undergoing beta testing with three existing lenders, having already facilitated over 5,000 loan applications and disbursing more than $600,000 in small-dollar loans. In the coming months, additional nonprofit partners will increase this offering to a network of low-income communities.
LogicFI is a financial technology company offering proprietary lending and decisioning platforms that enable financial institutions to enter, complete, and succeed in online lending. LogicFI utilizes data to quickly, efficiently and effectively drive credit decisions in all credit segments. By leveraging underwriting and risk assessment methods evolved from non-traditional data sources, optimizing existing data and decisioning sources and creating dynamic decisioning models, LogicFI is able to offer increased conversion and decreased default while maximizing profitability. Lenders can supplement existing underwriting initiatives while creating an internal credit model for new and existing customers.
Emerge provides a workplace financial wellness program that helps every employee plan a sound financial future. The program includes financial wellness assessments, best-in-class financial education resources, as well as one-on-one counseling and credit score management for all employees. Named to the B Corporation’s “Best for the World” list for three consecutive years, Emerge is a socially minded business committed to helping employees successfully reach their financial goals.
About CGI America
The Clinton Global Initiative (CGI), an initiative of the Clinton Foundation, convenes global leaders to create and implement solutions to the world’s most pressing challenges. Established in June 2011 by President Bill Clinton, the Clinton Global Initiative America (CGI America) addresses economic recovery in the United States. CGI America brings together leaders in business, government, and civil society to generate and implement commitments to create jobs, stimulate economic growth, foster innovation, and support workforce development in the United States. Since its first meeting, CGI America participants have made more than 400 commitments, which have improved the lives of nearly 1.4 million people.
CGI also convenes an Annual Meeting, which brings together global leaders to take action and create positive social change, CGI University (CGI U), which brings together undergraduate and graduate students to address pressing challenges in their community or around the world, and, this year, CGI will also convene CGI Middle East & Africa, which will bring together leaders acrosssectors to take action on pressing social, economic, and environmental challenges. For more information, visit clintonglobalinitiative.org and follow us on Twitter @ClintonGlobal and Facebook at facebook.com/clintonglobalinitiative.