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High Interest Loan Alternative

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Nov 23, 2023
Submitted by: Royal Credit Union
Under:
  • Escaping Predatory Lending
A Member came in to cash a check from a non-traditional lender. Our Member Account Representative found out that interest rate was going to be 71% on the loan, and asked the Member if they would be willing to let us try to get him a loan with a better rate. The Member was very reluctant sharing that he never gets approved at banks, so he doesn’t even try. We were able to give the Member the loan and offer a low, flexible payment plan. The Member left feeling relieved and incredibly thankful.