We had a newly married couple join the credit union in 2022. During the account opening, we found out that the couple was unexpectedly pregnant and the husband had lost his job, got a new, lower paying job and as such they were forced to move. As the husband had an ITIN, his traditional credit profile was very limited. We were able to, first, provide an Emergency Loan to the family to assist them with moving expenses. Though they could afford the new rent, they couldn’t afford the security deposit or the traditional moving expenses. With the $2,000 we provided via our Emergency Loan program, they were able to move.
During a follow up call, we uncovered they were paying a shocking 26.33% on an auto loan with a more predatory lender. We were subsequently able to refinance their $10,500 auto loan, cutting the interest rate in half (to 13%) and saving them more than $80 per month in payments. Immediately after refinancing their auto loan, the new members opened a checking account with CWCU. Eight months later (around 7 months ago), these members now have a Visa Platinum Credit Card with us, the husband has been promoted at his new job and they’ve had their baby!
CU Strategic Planning, a Callahan company, submitted this member impact story on behalf of the credit union.
