Now Important Consumers Have Access to Affordable Credit
Ennie Lim, in a May 22, 2020 article on benefitnews.com writes: “Americans are in a tough spot. They'll likely have a harder time getting the extra cash they need. And right now, access to affordable credit is crucial for many, as 1 in 5 American households has (sic) lost income due to the pandemic, and unemployment offices are overwhelmed with claims. It may take weeks before applications are processed, and cash is distributed.”
In her article, Lim writes how important credit is going to be to millions of Americans to help tide them over until they regain employment and catch up on their immediate bills. Credit unions are perfectly situated to help consumers and gain positive PR. Special policies may be necessary to make small, short-term loans to desperate consumers.
TCT’s Regulatory Compliance and Policy Writing Services helps credit unions (especially small credit unions) remain regulatory compliant and establish policies for special situations.