Our long-time member, who has been with Financial Partners Credit Union since 1998, was recently devastated by the Pacific Palisades fires. Tragically, he lost everything, including his home. As the head of the household and sole income provider, the responsibility of supporting his family during such an unimaginable time added immense financial stress.
The member urgently needed $7,500 to secure a short-term rental and provide a safe place for his family. The landlord required the funds within 24 hours and advised that the rental would be given to someone else if payment was not received in time. With so many people impacted by the fires, housing options were extremely limited.
He contacted several credit card companies and commercial banks for assistance but was told the funding turnaround time would be 48 to 72 hours, with interest rates exceeding 22%. The member then turned to Financial Partners Credit Union.
Understanding the urgency of the situation, we approved an emergency loan for $7,500 at a zero percent interest rate and funded the loan the same day. This allowed the member to secure the short-term rental and provide a roof over his family’s head.
We also reviewed his existing accounts and identified additional ways to help. The member had three family vehicles financed with Financial Partners Credit Union, so we deferred the auto loan payments on all three vehicles for three months. This action improved his cash flow by more than $9,000 over the coming months, providing much-needed breathing room during this difficult time.
The member was deeply moved by our commitment to support him when others could not or would not. He expressed tremendous gratitude and repeatedly thanked our team.
At Financial Partners Credit Union, we are proud to stand by our members in their greatest times of need. Helping this member and his family secure a safe place to live after such an unimaginable loss was more than a responsibility. It reflects our mission of people helping people.
