Jim Schrimpf
“We knew they would be expecting at least the same type of experience. Because to be honest with you, payday lenders do a really good job of serving people… They are friendly; they do this quickly with a smile on their face and all the rest.”
Brewery Credit Union CEO Jim Schrimpf, who offers a well-received payday loan alternative to members, knows that price is not the only factor in the consumer loan business. In order for an alternative to succeed, the customer service must be as good or better than that of a payday lender…
Schrimpf estimates that approximately 15% of Brewery Credit Union’s 7000 members either had a payday loan or were doing business with a payday lender within the last year. In his program, members pay $9.95 for every $100 borrowed (which is about half of the going rate at local payday loan shops). In addition to this, borrowers receive financial advice intended to help free them from the costly cycle of debt.
Schrimpf said:
“It’s been very well-received… We’re proud of what we’re trying to do.”"
Jim Schrimpf is president and chief executive officer of the Brewery Credit Union in Milwaukee.
Source: Brewery Credit Union Offers Lesson in Payday Loans by Paul Gores (Milwaukee Journal Sentinel)
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