Prospera's GoodMoney Program Gets Good Press

APPLETON, Wis. - Prospera Credit Union's "GoodMoney Payday Loan" program received national coverage when featured in the New York Times. The story, a profile of payday lending practices, highlighted the cost of borrowing from a payday lender vs. payday lending alternatives. The story detailed how Prospera Credit Union launched its GoodMoney program in conjunction with the Darboy, Wis.-based Goodwill store, and noted that borrowers using the Goodmoney program pay less than half the cost of loan fees ($9.90 per $100) compared to a typical payday lender. The program has since been expanded to all five Prospera Credit Union locations throughout the Fox Valley, Wisconsin market. The Times reported that the GoodMoney program has saved borrowers $362,000 in loan fees and processed more than 6,545 loans for approximately $2.3 million. "We are excited to see GoodMoney gain momentum in our local market and earn the national spotlight. What we are doing with GoodMoney is offering consumers a chance to catch their breath financially by offering a low-cost solution as well as an opportunity for them to enter back into mainstream financial services," said CEO Ken Eiden. (c) 2007 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com