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1 Detroit Credit Union presents credit-builder loans and MyPayToday to Inkster council
Summary
Representatives from 1 Detroit Credit Union outlined products aimed at underserved residents — credit-builder loans, a Visa secured card, short-term MyPayToday loans at 18% APR and home-buying counseling through a GreenPath partnership — and offered contact information for follow-up.
Representatives from 1 Detroit Credit Union addressed the Inkster City Council on Jan. 21 to describe the credit union’s mission and products intended to help residents build credit and access affordable short-term loans.
A 1 Detroit Credit Union representative summarized the organization's mission "to impact and change lives," saying the credit union is a minority depository institution and a community development financial institution that serves largely underserved communities. The presenters listed several consumer products: credit-builder loans (minimum $500), a Visa secured credit card with a refundable deposit that establishes a spending limit, and a MyPayToday loan product that allows borrowing up to $500 with a 60-day repayment period at 18% APR. Presenters contrasted that 18% APR with typical payday-lender costs, which they described as the equivalent of roughly 400% APR for a two-week loan.
The representatives also described home-buying counseling offered in partnership with GreenPath, and said the credit union provides online and mobile banking. They left contact cards and a QR code for residents to open accounts or ask questions.
The presentation was brief and intended as an informational outreach; council members thanked the presenters. The transcript does not include follow-up questions about eligibility requirements, application processes, or whether the city would partner directly with the credit union on resident programs.
