ARLINGTON, Va. — The Orlando Sentinel recently ran an article featuring a victim of payday advance rollovers who was ultimately rescued from the burden by his credit union.
After just four months, Vincent Fulginiti was able to pay off the personal loan he took out from his credit union and has bumped his credit score up by more than 100 points. According to the paper, he also secured a small business loan from Kennedy Space Center Federal Credit Union for his fencing business.
"We've always provided a better option, but now we're just trying to raise the visibility of what we're doing," NAFCU President/CEO Fred R. Becker Jr., was quoted as saying. "Obviously, however, we have less marketing money than a multimillion-dollar, publicly traded payday-lending company."
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The report noted that payday lenders are denying they are taking advantage of borrowers and that they are meeting a demand banks and credit unions are not willing to.
Kennedy Space Center Federal Credit Union and Space Coast Federal Credit Union are offering an alternative specifically targeting teachers on a temporary basis, but Kennedy is looking at something more permanent, President Janice Hollar said in the June 20 article.
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