State Employees’ Credit Union seems intent on disproving the axiom that consumers who use short-term loan products will not seek them out if they have a savings component.

The $21.4 billion credit union, headquartered in Raleigh, N. C., said over 150,000 members have used  its decade-old Salary Advance Loan product and saved over $20 million in savings accounts after the loan began requiring borrowers to deposit 5% of their loan proceeds into a savings account in 2003. Over the years, some of those members have saved over $2,500 in their savings accounts, the CU said.

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