REAL Solutions_PDLA Options_The Prospera Model

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Handout provided courtesy of the Illinois Credit Union League.

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REAL Solutions_PDLA Options_The Prospera Model

  1. 1. Mark Lynch Field Coach REAL Solutions A reasonable ‘payday lending’ alternative …
  2. 2. Town Hall Meeting Legislative v Competitive REAL Solutions initiative ! # " $ " % & '( ) !* +( (,
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  8. 8. 1. Obtain approval from your Board of Directors 2. Join CUOSI: Sign agreements and pay membership fee - Fee of $25/$1 million in assets ($15,000 maximum fee) - Fee is not an investment in CUOSI -- should be expensed on the CU’s books CU’ 3. Adopt StretchPay Loan policies and procedures (models provided) 4. Integrate StretchPay Loans into data processing system 5. Prepare StretchPay documents (LOC application, loan agreement, disclosure, closing letter, remittance form)
  9. 9. 6. Train employees 7. Set up monthly accounting system for fees and loss recovery 8. Develop a collection program 9. Begin marketing of program (start-up kit available) 10. Offer StretchPay Loans to your members. J B 9: +( 9( :( - . + / " B - ' /
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  12. 12. ! " Mark Lynch Field Coach REAL Solutions

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