Nearly 30 million U.S. households are either unbanked or rely on alternative financial services — many of whom are credit union members.
Why CUALS?
CUALS competes with payday lenders by offering a better product with lower fees. The program is about empowering CU members to avoid the habitual payday lending cycle, and transitioning them back into mainstream credit union products and services. With our innovative program, we help develop a pathway toward CU’s more traditional loans.
Designed by credit unions for credit unions, CUALS help you build stronger relationships with members, and acquire new members, by providing the best short-term loan solutions and low-risk services possible. CUALS also serves as a credit union non-interest income generator and incurs any loan loss.
CUALS Benefits
CUALS benefits your credit union, so you can come through for your members. Life is unpredictable for all of us. There are times when even the most financially responsible person needs help covering unexpected expenses – perhaps an emergency medical expense or car repair. Your credit union can become the trusted source your members reach for when they need a little “Xtra.”
- In addition to helping members save money by offering a lower-cost, short-term loan product, members receive the following added benefits:
- CUALS XtraCash program provides a quick and convenient online loan application.
- Valuable and beneficial financial education becomes available to interested members; to assist them in getting out of the high-interest storefront/online payday lending cycle.
Your members deserve a better alternative. Here’s a snapshot of the typical CUALS consumer:
- Younger, educated consumers.
- Represent the American working middle-class.
- They research and consider their alternatives only to decide that payday loans are often a less costly, more desirable option for short-term unsecured credit.
- Typical short-term loan members are female, 25-49 years old, educated, with income up to $60,000.
CUSTOMER NOTICE: There are a wide variety of loan products available in the marketplace, so your choice of lending products should match your financial needs. Small-dollar loans used over a long period of time can be expensive.
