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Bank on Family


Financial Health Federal Credit Union is pleased to announce a new loan program, Bank on Family, in conjunction with the Filene Research Institute. Our goal is to assist those members who have been denied a loan. At the same time we will be assisting the Filene Research Institute who is conducting a study on this loan program.

Here’s how it works:

  • Our Member finds a family member or friend who would be willing to loan them the amount of money they want. This family member or friend becomes the Guarantor of the loan.
  • Both the Member and Guarantor will come to one of our branches where:
    1. The Guarantor opens an account with Financial Health Federal Credit Union using the funds to be loaned to the Member. This account will be either a Share account (savings) or Share Certificate that will be held for the life of the loan. The funds in the account will earn interest at the current rate offered by the credit union.
    2. Both the Member and the Guarantor will sign normal loan documents.
  • The Member is granted the loan.
  • Financial Health FCU will manage the loan payments and, if necessary, collection efforts if the Member does not make payments.

The benefits of this program are:

  • Our Member receives the loan they need.
  • The Guarantor earns interest on their funds while helping their family or friend.
  • Financial Health FCU manages the payments, alleviating the stress between family or friend about collecting payments.
  • The payment history becomes part of the Member’s credit history, helping to increase their credit score.

As it is in life, there is a downside. If the Member defaults on the loan, Financial Health FCU will take the Guarantor’s funds as payment on the loan.  While we hope this will not happen, this fact will be stressed during the loan process.


Please click on the link below to get the Bank on Family Expectation Agreement, fill it out, and bring it to one of our branches to get your loan started!



Expectations Agreement (PDF)