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CU System
TULIP CU offers option to predatory lenders
OLYMPIA, Wash (11/18/10)--TULIP Cooperative CU, Olympia, Wash., is challenging predatory lenders in its area, not with an alternative lending products, but with some old-fashioned credit union philosophy: people helping people. “We just work very hard to get people out of the payday cycle and into structured debt,” said Eric Bowman, the $2.2 million-asset credit union’s board chair. “We’ll make $250 loans just to get people into the loan cycle. We counsel our members. We sit down and work with them. Our goal is to get people back on the grid after being on the fringe of financial services. "The credit union has been in existence just seven years. We’re young; we honestly don’t have it down yet,” Bowman explained. “But we are always open to new strategies and ideas.” TULIP CU is a true community credit union whose members want to make a difference in each other’s lives, Bowman told News Now. “We have members who are small business owners, politicians, people with six-figure incomes and people on fixed incomes.” The core membership though, is comprised of those most in need; 77% are low income. TULIP CU members are currently being showcased in a new campaign of television, radio and print ads aimed to increase awareness of the credit union and its mission. To view the ads, use the link.
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