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Unsecured loan purpose

By Margaret Mcdonald posted 05-31-2017 14:46

  
I am working on a project to update our unsecured loan product.  Currently, the rate is based on credit score, term and collateral.  We want to add loan purpose as an additional parameter to the matrix.  The loan purpose categories thus far are Home Improvement, Debt Consolidation and Life/Vacation/Medical.  Do any other credit unions use purpose when setting rates? Your thoughts and feedback would be appreciated.
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