Prospera CU to Market its GoodMoney Payday Loan Program

SAN ANTONIO, Texas – Prospera CU is preparing to roll out a turnkey version of its award-winning GoodMoney payday loan program, which it will market to other credit unions. The credit union will provide staff training, advertising and marketing assistance and software in exchange for a start-up fee and an ongoing fee, Ken Eiden, president of the Appleton, Wis., credit union, announced yesterday during CUNA’s annual Lending Council conference. “We’ve actually got a program to assist credit unions of all sizes to get going,” said Eiden. “We’re going to roll it out real soon.” The program, winner of the 2006 Herb Wegner Award for credit union excellence, is a collaboration with Goodwill Industries and provides low-cost payday loans to Goodwill customers. Prospera has provided 8,000 payday loans for a total of $2.8 million and added 1,200 new members through the program.