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Escape from Debt, Escape from Predatory Lending

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Apr 1, 2019
Submitted by: Co-op Credit Union
  • Escaping Predatory Lending
'A member at Co-op Credit Union came through the drive-up and wanted to deposit a larger-than-normal check. After inquiring about the deposit, a CCU employee identified that the check was a promotional one for a high-interest loan at 33%. The member had planned to use it to consolidate all her debt, but instead CCU staff helped her secure a loan to pay off her auto loan and several credit cards. This helped her get to one payment at a fraction of the interest rate, saved her thousands of dollars, and, most importantly, kept her from falling victim to predatory lending.