Just in time for school, 121 Financial Credit Union in Jacksonville, Fla., is offering short-term loans of $500 to $2,500 at 8% fixed rate to its members across northeast Florida.
The Back-to-School loans are for 12 months, so payments would not be too large and the notes would be paid off by the beginning of the next school year. There are no restrictions on how the money is to be used, the $421 million CU said.
"With this economy, it is tough for families to handle expenses like school," said William Braddock, CEO of the 36,000-member former Florida Telco, which changed its name last September. "That's why we wanted to design a loan that would help members get what they need for school, but not put an undue burden on them by having to pay it back quickly, or by having it drag on past the next school year."
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
