Important Notice

Effective immediately, all CUOSI administrative services, including those for the StretchPay program, are being provided by the Ohio Credit Union League (OCUL).

Mailing address and phone numbers:

CUOSI

c/o Ohio Credit Union League

10 W Broad Street, Suite 1100

Columbus, OH 43215

(800) 486-2917

(614) 336-2894 local

(614) 336-2895 fax

E-mail address for StretchPay reporting:

StretchPay@ohiocul.org

Staff contacts:

• Advances of $250 (with an annual fee of $35) or $500 (with an annual fee of $70);
• Monthly revolving credit cycle;
• A savings component encourages thrift: $25 on a $250 loan and  $50 on $500 loan;
• Monthly revolving credit cycle;

• Advances must be paid in full prior to new/additional advances;
• No more than 18% APR (or the state usury rate, whichever is applicable);
• Payroll deduction is encouraged, but not required;
• Borrowers must be at least 18 years old and a member of your credit union for at least 120 days.

• StretchPay is significantly less expensive than for-profit payday lenders.
• StretchPay helps build a positive credit history when a borrower repays their loan on time.
• StretchPay keeps your members aligned with their credit union, giving you the chance to offer financial education and counseling – breaking them free of the payday loan debt treadmill.
• The annual participation fee may be taken from the first StretchPay loan advance during a 12-month period.

For Your Credit Union:

• Allows you to offer a credit union payday loan alternative at low cost and without significant financial risk.

• Gives you the opportunity to work with and educate members regarding budgeting and other personal financial management skills.

• Provides interest income at up to 18% APR with a minimum of credit risk.

• Demonstrates how credit unions make credit and other financial services affordable and accessible to the nation’s consumers.