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Personal Loan Story

Mr. Lee needed some emergency funds to tide him over. Borrowing from a payday loan
company online, he was borrowing again and again just to cover the interest only for the
previous loans. The interest rates were 391% - 443%. After he could not keep up with the
payments, his salary was garnished, leaving him with very little to live on. Through the credit
unionā€™s website, he learned of the rebuild credit program and contacted the office to help him.
The credit union helped consolidate his various loans and granted him a $5,000 loan at 18%
interest to pay them off.