Ken Eiden

Posted by on Oct 26, 2006 in Quotes

“It just made sense to make a product that looks like, acts like and feels like something they are already buying. They are already into payday loans…”

Prospera Credit Union CEO Ken Eiden offers a “GoodMoney” payday loan alternative that aims to make borrowers accustomed to cash advance shops feel just as comfortable going to a credit union…

Prosperas charges $9.90 per $100 borrowed and does not perform a credit check (but they do subscribe to a subprime lender database). So far, Eiden’s credit union has done about $1 million in these loans.

The credit union employees are trained to offer financial counseling to borrowers and gently recommend better spending/saving habits. Eiden explained:

“If all we do is provide a cheaper not-for-profit alternative, that’s not good enough in my mind… We’ve got to be able to change people’s lives and give them different financial futures. That’s what we’re trying to do.”

Ken Eiden is the chief executive officer of Prospera Credit Union in Appleton, Wisconsin.

Source: Brewery Credit Union Offers Lesson in Payday Loans by Paul Gores (Milwaukee Journal Sentinel)

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