Rhode Island credit union turns to the Salus platform to help make members for life
People’s Credit Union, a Rhode Island-based financial cooperative committed to being a catalyst for positive change in its community, has partnered with Salus for its entire platform of four digital, automated products: earned wage access, microloans, credit building through rent reporting and predictive analytics.
Located near Newport on Aquidneck Island, People’s Credit Union serves a community where the high cost of living creates real financial pressure for young working families. Many Gen Z and millennial consumers are one unexpected expense, such as a car breakdown, a medical bill or a gap between paychecks, from dire financial consequences.
“Adding Salus’ products is about delivering on our Purpose and being a catalyst for positive change in the community,” Bill DeWitt, head of member delivery and marketing at the $802 million People’s Credit Union, said. “It’s not about selling financial products. It’s about showing up for members when they need us most and ensuring they have access to fair, responsible solutions instead of turning to lenders who charge them several hundred percentage points more.”
People’s Credit Union selected Salus after more than a year of due diligence, including conversations with peer credit unions who spoke highly of the platform’s ease of implementation and success.
“Salus is highly regarded by people we respect and genuinely exemplifies the credit union values we look for in our partners,” DeWitt said. “James (Chemplavil, Salus CEO) and his team were patient, thorough and got our entire leadership team excited about what these products can do for our members. When you explain what microloans and earned wage access mean for a member in a tough spot, people’s eyes light up.”
The partnership is a strategic investment in the next generation of members. People’s Credit Union sees microloans and earned wage access as relevant, automated solutions available 24/7 to help members stay on track. Credit-builder rent reporting will help members improve their credit faster by doing what they already do: pay rent. Finally, predictive analytics will enable member service representatives to provide more proactive and personalized service by gleaning deep insights about each member’s financial status and trajectory. People’s Credit Union quickly realized the power of this platform and how all four products align with their goal of serving members better, particularly younger members.
“Gen Z and millennials are navigating rising costs, thin credit files and financial emergencies that traditional lending simply isn’t built to handle,” said James Chemplavil, Founder and CEO of Salus. “When a credit union can say yes instantly and fairly at that moment of need, a transaction becomes a relationship. We’ve seen 90% of Gen Z microloan borrowers increase their deposits at their credit union within 12 months of getting a microloan! People’s Credit Union has the mission, the community trust and now the tools to make the next generation members for life.”