This situation is why almost all LVCU members, at some time or other, meet with a credit union representative who can get a better understanding of where they are financially and what they need to start doing to improve their circumstances.
That's why a used car loan is the first or one of the first loans that many LVCU members obtain, including the almost 400 so far who did so even though they had little to no credit profile over the past three years.
LVCU charges an average 13.2% interest on its used auto loans to members with lower credit, a number which it notes is 127% lower than the rates charged at many of the area car lots.
LVCU has also taken pains to make sure its work with lower-income members is sustainable.
The credit union's ratio of charged off loans to assets also lags its peers, as do loan delinquencies, but at the same time LVCU's loan growth stood at 7.75% versus 4.24% for its peers.