Gallagly, during the Florida credit union, is attempting to encourage individuals to put up savings reports, also for lower amounts of money. Then loan them that amount at interest of between 12 percent and 18 percent per year if a customer can save $300 at his institution, he said he will.
“for me, that is totally in line with our part,” he stated. “we are making loans frequently for $300, $400 and $500.” Credit unions aren’t for revenue cooperatives, owned by users. “we now have for a long time and years been services that are providing the reduced earnings community.”