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Development issue spotlight on access to credit

first_imgThis is the fourth of the 12-part series on our blog highlighting the 12 major development issues.  In case you missed it, last month we discussed education, which can be found here.  This month we are focusing on access to credit.Access to credit seems to be an easy development issue for credit unions to solve – as we are in the loan business.  Yet millions of Americans are paying obscenely high interest rates on loans to buy a new car, fund school clothes or even purchase a week’s groceries.  Credit unions need to build business models that are mutually beneficial –affordable rates and attractive terms and conditions for members and a product that presents a good business opportunity for the credit union.  Seems easy but unfortunately credit unions struggle to find the right balance between business and social values.  In my work, I have run across many credit unions that offer some great lending products that could be done in most credit unions.  I’m going to focus on three different credit unions who provide good examples of lending products:University Federal Credit Union in Austin, Texas gets it.  More than 10 years ago, the credit union began offering non-prime auto loans to members with credit scores below 640. continue reading » 4SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

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