Bronx-based Spring Bank is launching “Borrow and Save,” a credit building product designed to help borrowers bridge income gaps without resorting to payday loans. "Borrow and Save" is a 6 to 12 month loan of up to $1,500 with no minimum credit score requirement. The loan is underwritten on the basis of an individual’s demonstrated ability to cover payments. One quarter of the loan is placed in a free savings account that is available when the loan is repaid. The goal is to help borrowers break the cycle of unsustainable borrowing, improve their credit scores and move toward healthier savings habits.