Payday Relief from Freedom First Credit Union

the following portion of daytime Blue Ridge is sponsored by it’s freedom first Friday and freedom first has a promise that reads most banks evaluate their worth by how much money they keep at freedom first we measure our value by how much we give back yeah and one of the ways they give back is by finding solutions for some of the biggest challenges that community members are facing Dave Prosser from freedom first joins us today to talk about what the credit union is doing thanks so much for coming on absolutely thank you so what is your you know approach to the community because we have you on all the time and you all really give back to the community a lot yeah so I think you know banks and larger financial institution have if you do share a responsibility to do the right thing to pay their stockholders right and so whether that’s you know higher interest rates through fees lower savings account rates credit unions are a little bit different of a philosophies because we do not have shareholders we are a cooperative and so by you being a member of the credit union each one of you would have equal value in that partnership and so our investment is back to you in the form of higher savings rates lower interest rates on loans and of course it’s just the community give back in general Wow all right and one of the issues that you’ve been focused on for a number of years is predatory lending what is that and what are you doing so predatory lending we are referencing in that case the payday lenders that are out there at pawnshops by camp a here anything that you would pay a higher cost for and so our focuses is trying to tackle the predatory practices that are out there we have about 12 million individuals annually that are at least getting a payday loan once a calendar year and it is a seventeen point five billion dollar industry that meaning that’s how many loans that are out there but that is how much they’re making on the interest and the fees associated with it so it is big business predatory lenders and you all have developed what is called the payday Relief loan so tell us what that is exactly so a lot of times people go to payday lenders because their stress their stress in a household you know you can stress over feeding your family putting food on the table you can stress over how am I going to pay my bills is a lot of times that stress as leading to impulse decisions and so predatory lenders use that philosophy so that they can get folks cash immediately and in their hands and so we’re not doing decisions for the long interests of the household but it’s to solve that immediate concern an issue so a lot of times when folks do get into that situation we have a product contain a payoff relief which is actually helping them get out of that situation quickly because a lot of times folks get those loans and then can’t pay it off because it’s it’s tied and you hear payday lending and so it’s tied with your payroll so you have to pay it back in two weeks and sometimes you don’t have that money to pay back in two weeks you go get another one and then you’re charging another fee that’s on top of that it’s bills and bills exactly yeah okay so this is to help people get out of that yeah so if somebody’s sitting at home going yeah that’s me they need to reach out to you absolutely get out of that hole yes what’s the best way to reach you go right on to our website

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