Member Impact Stories: Centric FCU
The work we do with credit unions allows them to make real differences in the lives of their members and communities. This could be through CDFI certification or grant writing, strategic planning, product design, partnership creation or any of our other many services. And as part of this work, we get to hear the wonderful member impact stories that illustrate what credit unions are doing to unlock opportunities in the communities they serve. We will be highlighting some of these stories here.
This story comes from Centric FCU in Louisiana. A young mother pulled into the drive-thru one day, requesting some account information. She explained that she was on her way to take out a payday loan from a notorious installment loan company. The credit union employee encouraged the member to come inside and talk to one of their loan officers instead.
Once she did, she explained that she already had one loan with this installment lender, with a thirty-six percent rate, and now she needed another five hundred dollars.
The loan officer told the member that Centric could provide the five hundred dollar loan, and that once she made on-time payments for three months, they could consolidate her high-rate loan.
After three months of payments, the credit union raised her loan limit and she was able to pay off the installment lender, saving her eighteen percent interest.
When the credit union shared this story with us, it had been five months since the member pulled into that drive-thru. She hadn't missed a payment and was recommending Centric to all her family and friends.
CDFI-certified credit unions have countless stories like these to share, and we’re proud to highlight a few from our clients.