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Making an Exception

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Apr 1, 2018
Submitted by: Madison Credit Union
  • Escaping Predatory Lending
A younger member with a good job and good payback history was stuck in a payday loan cycle and had medical debt that she could not afford. We made an exception and gave her a large signature loan to pay off the payday loan and debts. She set up sub-accounts to allocate part of each paycheck to rent, savings, etc. Now she has an improved credit score, makes loan payments on time, and has built up her savings account!