Aspiration Loan: The typical Aspiration Bank evaluation focuses largely on the company’s good deeds, and this one is no exception.
After all, Aspiration Bank has more programs to help rescue the world than almost anybody else, which is a fantastic argument to choose them over a traditional bank.
However, using a “nicer” company should not make you feel like you’re sacrificing any value.
Aspiration Bank Has Plenty of Reasons to Be a Wonderful Bank
- Regardless of the social projects, they sponsor
- So, while this Aspiration Bank review will go over all of the ways that you and Aspiration can use their services to aid others,
- It will also cover how Aspiration can help you better your Financial Status!
Aspiration Bank’s Background
Marina Del Rey, California-based Aspiration Bank is a financial services company.
- Andrei Cherny and Joseph Sanberg started it in 2013 and it formally opened in 2015.
- Aspiration set out to do things differently from the start. Aspiration sought to transform the perception of banks as cold, soulless, corporate monsters.
- The following are a few of their mission statements, which can be found on their website:
- “We had no intention of establishing a bank.” We set out to make the world a better place.”
- “We’re more than a business – we’re a community.”
- “The wealthiest few are the focus of Big Banks and Wall Street. We work hard at Aspiration to provide the greatest financial solutions to everyone.”
The genuinely remarkable aspect of Aspiration Bank is that those aren’t simply empty assertions; they mean what they say, as we’ll see shortly.
What Good Does Aspiration Do?
Aspiration participates in a variety of activities aimed at making the world a better place and encourages you to do the same.
- The Aspiration Giving Tree diagram below does a fantastic job of explaining the giving process at a high level:
- It’s the difference between a dime and a dollar.
- The “Dimes Worth a Difference” program commits to donating 10% of all profits to charities that work to improve people’s lives in their communities.
- Accion, America’s largest nonprofit distributor of microloans, is their principal benefactor.
- Microloans are small loans of up to $5,000 for low-income people. These loans are intended to assist low-income individuals in starting a business and permanently escaping poverty.
- When these loans are issued, beneficiaries aren’t left hanging – they’re also given mentorship and financial instruction to help them make the most of their money.
As a result, 97 percent of enterprises launched with an Accion loan have lasted at least a year.
Scores on the Aspiration Impact Measurement (Aim)
Aspiration creates an AIM score that seeks to assess a company’s performance in terms of caring for people and the environment.
- The AIM score is calculated using over 75,000 environmental, social, and governance data points collected from thousands of businesses.
- The People section, in particular, considers factors such as employee remuneration, diversity, and job safety for a certain organization.
- The Planet section examines measures like greenhouse gas emissions and energy efficiency as a result of the company’s operations.
- Aspiration strongly encourages you to shop at businesses with high AIM scores by offering you extremely high cashback rates.
- (Further on in our Aspiration Bank review, specific details about how much cashback you’ll receive will be discussed.)
- As promised, this evaluation will include both Aspiration’s overall good and the good they can do for you.)
- In addition, Aspiration determines your unique AIM score based on the businesses you choose to purchase at.
This is a terrific method to keep track of how much you’re saving the globe by shopping at environmentally friendly stores.
Giving to Charity and Claiming Tax Deductions Is Simple
Have you ever wanted to donate money to a good cause but weren’t sure where to begin?
- Aspiration facilitates this process tremendously.
- In each of the following categories, Aspiration provides links to vetted nonprofit organizations:
Water that is free of contaminants
- Environment, Health, and Human Rights
- Fund for Aspirational Operation (for small business microloans)
- They also have an integrated tracker that keeps track of how much you donated to each charity.
- When attempting to claim a tax deduction, this is helpful: Getting the deduction will be easier than usual because all of your donations are tracked and go to verified NGOs.
- You can also donate by participating in Aspirations’ “Plant your Change” campaign. If the light is turned on.
Aspiration will round up every transaction to the nearest $1 and donate the difference to help finance tree planting.
Review of Aspiration Bank: Using Aspiration
Let’s talk about the real experience of using Aspiration as your bank now that we’ve learned everything about how they’re attempting to make the world a better place.
Creating a bank account
It’s simple to open an account with Aspiration.
- For starters, there aren’t many qualifying restrictions, comparable to other online banks — as long as you’re 18, live in the United States, and have a Social Security number, you’re fine to go.
- One important stipulation for joining is that you must already have a bank account outside of Aspiration.
- This is because Aspiration requires a $10 initial deposit to start an account, and because this bank is only available online, the deposit must be made from a different bank account.
- Aspiration Bank will ask for the following details when you sign up:
- Email Address Name Address Date of Birth Social Security Number
- After that, Aspiration Bank evaluates your information and responds within a few days with an approval decision.
That’s everything there is to it! Using Aspiration Bank is a straightforward and elegant process, as you’ll see.
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