Here’s a little something we came across while cleaning out some old newsletters. It’s an article in our January 1982 newsletter about the Jackson Co-Op Federal Credit Union lending when no one else would.
Sound familiar?
Jackson Co-Op is now American 1, but we find ourselves in a similar situation. When many banks are restricting their lending practices, American 1 is still providing loans to those who need them.
In 1982, prime lending rates were at 16%, compared to 3.25% today. The economy was in a recession then, too.
But even with the economic weirdness, we were lending to our members. Just like today.
Nice to know some things don’t change.
Economy: taking the long view
Published January 26, 2009 credit , credit unions , history , vehicles Leave a CommentTags: 1982, american1, economy, jackson co-op, lending, loans, recession
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