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ASI Federal Credit Union

Program

ASI is a full-service financial institution, catering to individuals and businesses across south Louisiana. Many communities served by ASI have been left behind by most financial institutions, allowing predatory fringe lenders to take root. ASI has developed several products to assist all members in building or reestablishing credit. Some of the key products offered by ASI include the Stretch Plan, Credit Enhancement Plan, and Asset Builder Loan, which were created to offer low-APR alternatives to predatory lending. The Payday Lender ReBuilder Loan, ASI's newest alternative product to payday lending, was created in response to the growing number of members who become trapped by the cycle of debt, resulting from dependency on multiple predatory payday loans. In exchange for attending a series of free financial education classes, borrowers are able to roll over higher-APR loans to a low-APR consolidation loan at ASI. Additionally, ASI offers a host of non-traditional mortgages for low-income, rural, and first-time homebuyers, and the credit union also provides HUD-certified homebuyer education and one-on-one housing counseling services. In order to combat rising foreclosure rates, ASI recently launched a subprime mortgage refinance program.

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