WICHITA, Kan. — The storefront branch operated by a credit union to offer alternative payday loans has taken root in Kansas.
The $50 million Credit Union of Dodge City said it debuted its new "Instant Cash Plus" facility in a vacant downtown store a month ago and is planning a grand opening celebration May 7.
"Let me tell you we got our inspiration from that Goodwill facility operated by Prospera in Wisconsin," explained Raymond Stroud, president/CEO making reference to a now three-year-old linkup of a branch of Prospera CU of Appleton in a Goodwill Industries thrift store.
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Stroud, who's CU is part of the Real Solutions program of the National Credit Union Foundation, said his Instant Cash branch which offers $500 loans at 10% below the 15% prevailing fee, has already brought in $8,000 and is on track to make a profit.
"We're pleased so far with the reception and we're projecting lending out $60,000 in a year and a half," said Stroud.
Dodge City, a community of 30,000 in western Kansas, has 15 payday outlets, said Stroud.
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