Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Prospera offering GoodMoney to CUs nationwide
APPLETON, Wis. (10/22/08)--Prospera CU of Appleton, Wis., is offering its GoodMoney not-for-profit payday loan alternative to credit unions nationwide. So far, Superior Choice CU, Superior, Wis., and Delta County CU, Escanaba, Mich., have committed to offering the program. GoodMoney costs half of a typical payday loan. With a start-up fee, credit unions can access training, advertising support, marketing materials and customized software offered by CU*Answers, Prospera said in a release. “GoodMoney provides lower-cost alternatives to consumers looking for a short-term loan,” said Lois Kitsch, national program director for the National Credit Union Foundation’s REAL Solutions program. “The program encourages financial education, creating a more informed borrower, and access to other financial products to increase their financial stability.” GoodMoney was launched in 2005 as a collaborative effort between Prospera and Goodwill Industries of North Central Wisconsin, and Financial Information and Services Center. More than 12,000 GoodMoney loans have been processed for loans totaling more than $4.5 million. Payday lending costs Americans $4.2 billion annually, and the average borrower pays $793 to borrow $325, according to the Center for Responsible Lending.
Other Resources

RSS print
News Now LiveWire
USFCU, Minn., hosts small business networking night. http://t.co/CBFHpJTFZe
2 hours ago
Number of @CUNA-certified fin. counselors hits 2,175 http://t.co/3fQGcdxyLO
2 hours ago
Jobless claims drop by 19,000 this week #Market #NewsNow http://t.co/LSqaYCsmX4
3 hours ago
#RBC draws letters from @SenatorBegich, @SenShelby to @TheNCUA See #NewsNow http://t.co/JvLBwkHwxF
4 hours ago
It's #summercamp with a financial literacy, #creditunion twist http://t.co/5eaps9ZoVB
6 hours ago