A member had an unexpected expensive medical issue that turned her life upside down back in 2018-19. She came to our branch asking for a personal loan because she had to choose between medical care and her power bill. She came from an underserved, low income, low educated part of the community. She worked as a janitor for several years in the manufacturing industry. The medical condition affected her mobility, which affected her ability to perform at work. She was afraid she was going to lose her job due to her condition.
Her FICO score dropped well below 500 at that time. Spero gave her a small personal loan to get caught up with normal living expenses. She has amazing work ethic even when she does not feel well. I remember celebrating her new income increase when it presented, and she told me something that struck me very hard. She said “Lori, ain’t nobody else going to take care of me but me”.
As time went on, this member remained loyal to Spero and her payments. She moved from pay increase to pay increase. She lives within her means, but she has never really made enough money to be comfortable since the day I met her. Her housing and transportation have always been a challenge, but she somehow finds a way to manage to find more affordable housing. She also worked her way up to a more affordable vehicle.
During COVID we gave her an emergency personal loan to get her through the temporary shutdown. She was so grateful because she had a repossession and an eviction on her credit. I remember her hugging me with such gratitude because she thought she was going to be denied. It was a last-ditch effort to try something, anything during a confusing and scary time. Her FICO was around 500 at the time. She paid that balance back faithfully. In addition, we gave her another catch up loan at the end of 2020 when she resumed her role as a janitor at a manufacturing facility.
CU Strategic Planning, a Callahan company, submitted this member impact story on behalf of the credit union.
