Does your credit union offer a payday loan alternative? If so, please take some time to participate in the REAL Solutions Payday Loan Alternative Survey, designed to measure the financial and societal impact of credit union payday loan (PDL) alternatives.
This tool will provide you with a printable summary of your product’s direct financial benefit to members as compared to the products offered by payday lenders. Use this information for press releases, newsletter articles, reports…even in marketing materials to let your members know they can get a better deal at their credit union.
Is it really worth your time to complete yet another survey? You bet it is, according to Winona Nava, CEO of Guadalupe Credit Union ($90 million in assets) in Santa Fe, NM:
“I am so glad that I completed the REAL Solutions Payday Loan Alternative Survey. The results provided by the survey’s calculator validated my credit union’s investment in our payday loan alternative and helped us quantify the money our payday loan borrowers are saving with this product.”
The survey is geared toward credit unions that began offering a PDL alternative prior to 2009. However, if your credit union introduced its PDL alternative in 2009, you may still complete the survey by entering 2009 year-to-date information instead of 2008 year-end data.It will be helpful to assemble the following year-end 2008 information before you start, but our survey tool will allow you to start, stop, save and return to finish at a later date:
- Number of advances
- Total money disbursed
- Existing members and new members using the PDL alternative
- Total charge-offs (%)
- Savings and education/counseling data—if they are components of your PDL alternative
- Number of borrowers graduated into mainstream CU products/services
Your credit union’s individual information will not be shared without your permission. However, aggregate data will be used to calculate the total dollar amount that credit unions saved member borrowers during 2008—nationwide and by state. A summary of results will be disseminated throughout the credit union movement, utilized in advocacy efforts, and published for the benefit of all credit unions right here in the Impact Center.
So what are you waiting for? Find out how much your PDL alternative is saving borrowers by visiting the Impact Measurement Site, and clicking on survey #2: Calculate Your Payday Loan Alternative’s Impact.
If you have any questions or need more information on our impact measurement efforts, please contact Jeff Purvis at (800-356-9655, ext. 6284), or Lois Kitsch at (800-356-9655, ext. 6770).