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 funding, assisting with business plans, 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 St. Tammany FCU in Louisiana. At the time, the credit union’s lobby was closed due to COVID-19, so drive-thru was providing full service to members.
One day near the end of the month, a member drove up and asked for his monthly statement. The teller asked if he wouldn’t want to wait a couple of days until the new statements dropped for a more current report, but he replied that needed the statement right away for a payday loan company.
The teller asked how much money he needed, and said that the credit union could probably help; the member only needed around $350.00.
He had been unable to work for ten days because his wife had contracted COVID, which meant he had to quarantine as well. As a result, his previous paycheck was only $19.22. He needed to buy groceries, gasoline and formula for his baby.
St. Tammany gave him their P.A.L. loan, a payday alternative loan, right at the drive-thru! This member was so grateful and the credit union was very happy to be able to help him. The credit union loan saved him around $150 in fees and interest, right at the time he needed it the most to provide for his family.
CDFI Certified credit unions have countless stories like these to share; we’re proud to highlight a few from our clients.