The National Credit Union Foundation has released the results of its survey on the impact of its REAL Solutions program.
The REAL Solutions program seeks to arm credit unions with products and services designed to better serve lower income members and communities. Hundreds of credit unions from 34 states so far are listed as program participants on the REAL Solutions Web site.
NCUF surveyed 444 of its participating credit unions about what parts of the REAL Solutions program they have implemented; by May 183 responded.
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The survey found that 91% of REAL Solutions participating credit unions make used car loans to borrowers with low credit scores: D and E paper. These non-prime loans from credit unions use a REAL Solutions program called "steer clear of predatory car loans" to avoid bad loans from used car dealers.
Almost 90% of REAL Solutions participating credit unions make loans of less than $500 and make an average of 299 small loans per year.
Almost 68% of REAL Solutions participating credit unions make small business loans for members with low wealth and low to moderate incomes.
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