Recognizing financial emergencies brought on by the coronavirus, some credit unions are stepping up to provide pandemic-specific borrowing options

 

The pandemic has shown the disproptionate way COVID 19 has impacted people.

Unlike banks, which are profit-driven businesses catered to meet revenue goals and shareholder expectations, credit unions have more incentive and flexibility to serve members’ interests first. 

Unless you have a longstanding relationship with a bank and significant cash on deposit, you might have a difficult time borrowing money right now. Banks are tightening their lending standards, slashing credit lines and making it tougher for many customers to get by.

Due to the emphasis on individual banking relationships, credit unions are able to lend money in smaller amounts and at lower interest rates than big banks where it maybe rare. 

Recognizing financial emergencies brought on by the coronavirus, some credit unions are stepping up to provide pandemic-specific borrowing options.

“This year has brought several challenges and we continue to reevaluate our response to meet the needs of our members,” said Compass Community Credit Union CEO, Ray Litchfield. “We want our members to think of us first as their trusted financial partner. We understand the obstacles they face and our dedicated team is available to provide solutions.”