Local Credit Union TULIP Takes on Predatory Lending and Makes a Difference in Peoples Lives

Nov. 10, 2010 - PRLog -- Olympia, Washington – November 11th, 2010. Thurston Union of Low-Income People, otherwise known as TULIP, has been changing the lives of low-income community members, one account at a time.  With over 1,000 members, this little not-for-profit credit union is making big changes in Thurston County by doing what many other larger banks and credit unions won’t or can’t do in one of the most challenging economic environments in decades.  

While many financial institutions are turning away those with anything less than perfect credit and a 4 digit balance, TULIP is taking a more human approach to financing by making sure that everyone has equal access to financial services in these rough economic times.  You won’t find any computers automatically making the decisions on loans at TULIP, nor will you find outrageous banking fees, or high minimum balance requirements. What you will find are dedicated people who are there to help those who need it the most with financial services and fair market rates. Whether it’s a new student who’s never had a bank account, a couple who is rebuilding credit after a bankruptcy and needs a car, or an affluent professional who wants to take out a loan where they can make a difference, TULIP is a shining star in the dark cloud of financial services.  

As a physician in family practice, Dr. Muhammad Ayub strives to build cross-cultural relations and support for his local community. He is an active member of the Olympia Food Co-op and he is a proud supporter of TULIP credit union.  When Dr. Ayub wanted to buy a car he could have gone anywhere but he came to TULIP. “I think many financial institutions are wolves in sheep clothing. I want to put my money where my mouth is.” says Dr. Ayub. By financing his car purchase through TULIP, not only did Dr. Ayub receive an interest rate and service he was pleased with, but his loan directly enabled TULIP to provide other members with financial services they otherwise may not have been able to provide.

One young couple purchased a car through an auto dealer who also financed their purchase by giving them with a whopping 26% interest rate.  The couple came to TULIP hoping to refinance their car loan and TULIP was not only able to refinance their loan and reduce their interest rate from 26% to 14%, decreasing their monthly payments by $77 a month, but TULIP was also able to shorten the life span of the loan by 12 months so they will pay off their loan a year earlier. “As a young couple with a baby trying to get ahead, the last thing they needed was the kind of interest rate and loan that they got from the dealer. They needed a vehicle and a loan with a reasonable payment and we wanted to give them that.” Says Johna LaRue, VP of Operations at TULIP.  

Beginning November 5th, Dr. Ayub and other TULIP members will be showcased in a new campaign of television, radio and print ads to increase the awareness of TULIP and the mission of making a difference.   The new television ads can be viewed online at http://vimeo.com/15438167  



The TULIP branch is located in the Eastside Olympia Food Co-op at 3111 Pacific Avenue Olympia, WA 98501  

Website: http://www.tulipcu.coop

TULIP membership is easy:
•   Be a member of the Olympia Food Co-op  
OR
•   Meet the low-income guidelines for Thurston County, Washington.

To find out more, visit TULIP’s website at www.tulipcu.coop or stop by the TULIP branch.

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TULIP credit union is a cooperative financial institution. Unlike a bank – where the owners may be a completely different group of people than those who actually use the bank’s services – a credit union is owned by the people who use it on a day-to-day basis. Opening a savings account at a credit union is the same as investing in the credit union. This is why people who deposit money at a credit union are called ‘members’ instead of ‘depositors’ – an initial deposit counts as a share in the cooperative.
Members are shareholders with a political voice in the institution that holds their savings. TULIP Cooperative CU is a U.S. Treasury Department certified CDFI, or a community development financial institution. To become a CDFI, we have demonstrated our primary mission is to promote community development and we have a designated target market that is low-income. We support both low-income and affluent members of the community.