Handout provided courtesy of the Illinois Credit Union League.

1. Mark Lynch
Field Coach
REAL Solutions
A reasonable ‘payday
lending’ alternative …

2. Town Hall Meeting
Legislative v
Competitive
REAL Solutions
initiative
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8. 1. Obtain approval from your Board of
Directors
2. Join CUOSI: Sign agreements and pay
membership fee
- Fee of $25/$1 million in assets ($15,000
maximum fee)
- Fee is not an investment in CUOSI --
should be expensed on the CU’s books
CU’
3. Adopt StretchPay Loan policies and
procedures (models provided)
4. Integrate StretchPay Loans into data
processing system
5. Prepare StretchPay documents
(LOC application, loan agreement, disclosure,
closing letter, remittance form)

9. 6. Train employees
7. Set up monthly accounting system for fees
and loss recovery
8. Develop a collection program
9. Begin marketing of program (start-up kit
available)
10. Offer StretchPay Loans to your members.
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Mark Lynch
Field Coach
REAL Solutions