Credit Unions Go Above and Beyond with Services You Wouldn’t Expect

You may know credit unions as a community-oriented option for essential financial services like checking and savings accounts, loans, and mortgages. But they offer much more than that, too.  

Driven by the fundamental principle of "people helping people," credit unions across the country go beyond basic services to support communities and members' financial well-being with a surprising range of products and programs.

These services are often inspired by the real-life experiences of members and always tailored to their unique needs. Because of their not-for-profit mission, credit unions are uniquely equipped to respond to local needs with creativity and care. Here are a few examples of how they’re making a difference:

SHORT-TERM LOANS
Credit unions are great at designing and delivering services for challenging times — without the financial risk that comes with other services. All across the country, credit unions offer safe alternatives to high-cost payday loans, including federally-backed Payday Alternative Loans, Qcash, personal loans, and Buy Now-Pay Later programs. These solutions meet immediate cash needs while strictly limiting interest rates and fees, ensuring consumers avoid dangerous debt cycles.

This commitment to affordable solutions reflects their mission to serve those often overlooked by traditional banking. Credit unions also prioritize financial education and counseling, helping members manage debt and build credit.

DOMESTIC VIOLENCE SURVIVORS
As part of the community fabric, credit unions are uniquely attuned to the needs of the people they serve — and create programs specifically to meet those needs, especially among the most vulnerable populations. 

Community Financial Credit Union in Michigan, for example, partnered with a local nonprofit to create the Choose the Bear program, which supports women escaping domestic abuse. 

Inspired by data showing that many women stay with abusive partners due to economic abuse and that up to 99% of domestic violence includes economic abuse, the initiative provides loans specifically designed to help survivors leave abusive situations, offers a range of additional financial services and support, and has contributed or committed over $107,250 to organizations and programs supporting survivors escaping sexual or domestic violence.

NATURAL DISASTER ASSISTANCE
Credit unions like Redwood Credit Union go beyond banking, actively nurturing community well-being. After the 2015 Lake County fires, the California-based credit union began providing comprehensive disaster relief through the Redwood Credit Union Community Fund, offering everything from temporary housing and food to mental health programs and community rebuilding efforts. This holistic approach demonstrates credit unions' unwavering dedication to the communities they serve.

These are just a few examples of the surprising services offered by local credit unions in communities across America. Ultimately, credit unions strive to walk with members through life's financial ups and downs. This commitment to families and local communities allows them to deliver value and services tailored to real-life needs, prioritizing people over profits.

Interested in learning more? We can connect you with Backbone, a growing national coalition of credit unions. Backbone represents credit unions from New York to Alaska with local leaders who can share community-driven impacts and perspectives and provide expert insights into consumer behavior and financial well-being. 

Contact us at [email protected] to learn more or connect with our leadership.

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