It’s CU 2.0 Fintech Friday! Today, Chris Otey sits down with Cranberry to discuss all things credit union, fintech, and digital innovation.
Ah, the life of a renter. Either you’re lining someone else’s pockets or you’re paying someone else’s mortgage. And then, when you move out, you have to cross your fingers and hope you’ll get your deposit back. You certainly won’t get any of the equity in the home.
Unfortunately, renting is a financial trap. Sure, the move-in costs are lower, but at the end of the day, you don’t own a thing. The longer you rent, the more money you throw away.
The people hit hardest by this setup are people for whom credit—and savings—are a work in progress. People with bad credit might not qualify for mortgages. People with short credit history and not much in savings might get bad terms or miss out on a down payment.
So, what can these people do?
Turn to Cranberry, that’s what. Cranberry does all the legwork for buyers who don’t have the money or the credit yet to do it themselves. Here’s how it works:
A person finds a home and decides it’s the home to buy. Cranberry buys that home. Then, Cranberry leases it to the person and establishes their equity in the home. It’s sort of a rent-to-own situation, if you will.
Currently, Cranberry is partnering with credit unions to provide this service to CU member bases. Yes, Cranberry can improve your bottom line—that’s the big selling point. But more importantly, Cranberry improves member financial health by helping them buy houses and then build (and transfer) equity. It’s homebuying for beginners made easy.
If your credit union is looking to expand its loan portfolio and provide better housing options to members, then Cranberry may be able to help. If this sounds like an intriguing credit union–fintech partnership, check out the video and Cranberry snapshot below!
Credit Union Fintech Snapshot: Cranberry
Top 3 Problems Solved
- Bad credit homebuying
- Younger market homebuying
- First time homebuying
Cranberry Founder: Ryan Kennedy
Cranberry Market Strategy
Credit unions and consumers.
Cranberry in the News
Well, this is unusual. We couldn’t find any news about Cranberry. (Yet!) Please let us know if you come across anything.
Interested in seeing more fintech entrepreneurship? Check out the CU 2.0 fintech infographic, Death by 1,000 Cuts. You can see firsthand the impact fintechs have had on the credit union industry, as well as how fintech innovation can improve your income statement, balance sheet, interest margin, services, and more.
Credit Union 2.0 believes fully in the power of credit union and fintech partnerships. With the shared goal to redefine multifaceted financial services models look like to members, more credit unions are looking to partner with forward-leaning fintechs.
If you want to learn more about credit union–fintech partnerships, click here.