Member Impact

When communities face unexpected challenges, access to reliable financial support matters. Credit unions across Kentucky design programs to help members navigate difficult times, whether during a public health crisis, natural disaster, or personal hardship. Their cooperative structure allows them to respond quickly and focus on practical solutions that meet local needs.

The following examples illustrate how Kentucky credit unions provide timely and practical support to members and communities during times of need.

Member Assistance & Benevolence Programs

Members Choice Credit Union

The Challenge

Life brings both opportunities and challenges. Members may face seasonal financial strain, unexpected hardships, or difficult circumstances that require short-term flexibility or direct assistance.

The Response

Members Choice Credit Union is guided by the philosophy of “people helping people.” As a member-owned, not-for-profit institution, the credit union works to provide a financial home where individuals and families can find understanding, support, and solutions tailored to their needs.

During the holiday season, the credit union offers a Skip-A-Pay program to give members additional breathing room when expenses are high. Members also benefit from competitive club account rates and low credit card rates designed to meet the needs of rural communities.

One of the credit union’s most meaningful initiatives is the Members Choice Benevolence Fund. While not publicly promoted, the fund provides direct assistance to members facing financial hardship. Through this program, grants are awarded to individuals and families identified as being in need. To date, the Benevolence Committee has granted a total of $9,900.

The Impact

Through flexible products and direct assistance, Members Choice Credit Union provides tangible financial relief while reinforcing its commitment to putting people before profit and supporting its community.

Disaster Relief & Ongoing Member Support

University of Kentucky Federal Credit Union

The Challenge

When devastating tornadoes struck Caldwell, Laurel, Pulaski, Russell, Trigg, and Union Counties earlier this year, many families faced unexpected financial strain while working to rebuild their homes and communities. Beyond natural disasters, members also encounter everyday financial challenges that require guidance and flexibility.

The Response

University of Kentucky Federal Credit Union responded quickly to the tornadoes with its Member Relief Loan program. Eligible members in affected areas could borrow up to $5,000 with no payments and 0.00% APR for the first six months, followed by a low 6.99% APR for the remaining term. The goal was to provide immediate breathing room so families could focus on recovery instead of financial stress.

That same spirit of support extends year-round. Through a partnership with the nonprofit agency Trinity Debt Management, UKFCU connects members with professional counseling and debt management services. Flexible options such as skip-a-pay allow members to defer one eligible loan payment each year when unexpected expenses arise.

Preparation is also a priority. All members age 18 and older receive complimentary TruStage Accidental Death and Dismemberment Insurance with guaranteed coverage and no medical questions required. Members have access to preferred rates on life, auto, and home insurance products, along with tax filing discounts through Love My Credit Union Rewards.

Education remains central to the credit union’s mission. UKFCU hosts in-person seminars throughout the year on topics such as fraud prevention, economic outlook, and retirement planning. Through its Preferred Partner program, the credit union provides Lunch and Learn sessions to more than 100 community organizations, educational institutions, and local businesses. Members and community visitors can also access the Mindful Money Center, which offers blogs and podcasts on cybersecurity, budgeting, home loans, and investing. In partnership with Banzai, the credit union provides access to Banzai Plus courses to help individuals build lifelong money management skills.

The Impact

Through disaster relief, financial counseling, protective services, flexible solutions, and ongoing education, University of Kentucky Federal Credit Union demonstrates how credit unions support communities by standing ready to help when it matters most.

Smart Choice Loan & Financial Education Programs

Class Act Federal Credit Union

The Challenge

During the pandemic, many members faced unexpected financial strain and needed access to small-dollar loans for emergency situations, often to bridge the gap until their next regularly scheduled income check.

The Response

Class Act Federal Credit Union offers a short term, small-dollar loan product that serves as a payday lender alternative called the Smart Choice Loan. The product is designed to help members who need a small-dollar loan for emergency situations. The maximum loan amount is $550.00 for a period of 30 to 90 days, and members are limited to no more than three Smart Choice Loans in any rolling six-month period.

The goal of the program is to educate members on wise financial management and budgeting so that the need for emergency loans diminishes over time. Upon a third request, individuals are required to participate in a financial education session.

In addition, Class Act Federal Credit Union operates two fully operational high school branch offices in Louisville at Southern High School and Doss High School. These branches are run by high school students. The credit union hosts a summer intern program each year for 25 students entering the Class Act Academy of Business & Finance. In 2020, a paid High School Coordinator was added at each location to oversee marketing students assigned to the program and financial education.

The Impact

Through accessible emergency lending and structured financial education initiatives, Class Act Federal Credit Union provides immediate relief while helping members and students build stronger financial foundations for the future.

Payday Lending Alternative Partnership

Commonwealth Credit Union

The Challenge

Many individuals become trapped in the payday lending cycle, facing high interest rates and ongoing financial strain that can be difficult to overcome.

The Response

Commonwealth Credit Union works with a local church to provide a payday lending alternative. The purpose of the loan is to help individuals get out of the payday lending cycle.

The credit union will loan up to $1,000 to a member at a rate that is just 2% above its lowest share rate. Members agree to make monthly payments and receive financial counseling as part of the program. The church backs the loan and will pay the loan off from its benevolent fund if the member stops making payments.

The credit union is planning to expand the program to additional churches in Frankfort, Georgetown, and Louisville.

The Impact

Through community partnership and financial counseling, Commonwealth Credit Union provides an affordable alternative to payday lending while helping members build a path toward long-term financial stability.