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Need a short-term, small-dollar loan? Throw yourself a Life Line

Customers have more options than ever before when it comes to personal banking and loans, and it's up to you to find the best financial institution that suits your individual needs.

Credit unions are one financial institution option to consider. Credit unions benefit their members in creative and more customer-friendly ways, while providing many of the same services and amenities offered by traditional banks.

“Credit unions are not owned by stockholders, we are owned by our members who have a vote in our organization,” says Robby Glore, Vice President of Operations at Georgia Heritage Federal Credit Union (GHFCU). “So our goal is to develop offerings for the benefit of our members and work diligently to provide a greater level of service to them. Our slogan is ‘the difference is relationships’ and we mean what we say. In terms of financial institutions, credit unions are quite unique.”

Recently GHFCU began to work with employer groups to reach out to the people in our community who needed a small-dollar loan. The Life Line Loan program is a specialized loan product available to employees of companies in our community that participate in the program.  These loans are small-dollar, short-term loans that have an option to be paid back via automatic payroll deduction. Instead of going to a title loan company, employees of participating companies can obtain a loan from the credit union with a fair interest rate and better terms. The Life Line Loan allows GHFCU to meet the borrowers’ immediate cash need, improve their credit rating, teach budgeting, and start an emergency savings account for the future.

While Life Line Loans provide immediate access to the cash needed, there is another critical benefit. By establishing a good trade line on their credit report, the borrowers can improve their financial well-being. With more and more companies relying on a credit score to determine the pricing of their products to consumers, this could save the member hundreds of dollars. The hope is that the member learns the value of a budget during this process. Once the loan is paid off, they may keep that payroll deduction coming into their savings account to build funds for the future. It’s a win-win for the member.

Employers interested in learning more information about the Life Line Loan program should contact Robby Glore at (912) 629-4363. Click HERE for more information on Georgia Heritage FCU. Become a member and enjoy the peace of mind knowing you are on your way to an improved way to meet your financial needs.