Freedom Credit Union Taps Salus To Help Attract Gen Z And Millennial Members

Massachusetts credit union also sees need for affordable microloans in underserved areas

Charlotte, NC – Freedom Credit Union, a $764 million Massachusetts-based institution serving the greater Springfield area, has partnered with Salus to launch automated microloans. The initiative reflects Freedom’s strategic push to expand its offerings while attracting and retaining Gen Z and millennial members who are often drawn to fintechs.

Freedom Credit Union’s primary objective is to meet members where they are across every stage of their financial lives. For many members in Freedom’s market, that means having access to small-dollar loans when they need them most and at a fair price.

“In banking, everyone does the same thing: deposits, loans and services that spin off from those two things,” Freedom Credit Union CFO Lee Craig said. “To appeal to these markets, you must position yourself as the connection between members and the adjacent financial services they seek. This product fits perfectly into that space.”

Freedom’s Springfield market spans a range of economic circumstances, from higher-income suburban communities to areas of concentrated financial need where members currently have few to no good options for short-term borrowing. The microloan program is designed to serve both the next generation of members and other members in need of fast access to funds.

“We’re not doing this to make money,” Craig added. “This is about planting seeds and building trust. The people who are going to use this product the most are members who may not need us for a major financial milestone yet. But when they do need a car loan or a transaction account, we want to be the institution they think of first because we helped them when others wouldn’t.”

Freedom selected Salus in part because of the platform’s existing integration with Freedom’s core processor and strong references from fellow credit unions GFA Federal Credit Union and Metro Credit Union, both of which provided direct accounts of their implementation experiences.

“Lee and his team are thinking about this the right way — as a long-term relationship builder, not a revenue line,” Salus Founder/CEO James Chemplavil explained. “Gen Z and millennials want to be met where they are. A microloan at the right moment is how a credit union can earn decades of loyalty from a member who might otherwise never have walked through the door.”

About Freedom Credit Union 

Originally chartered in 1922 as the Western Massachusetts Telephone Workers Credit Union and renamed in 2004, Freedom Credit Union is a 9-branch, full-service financial institution. Today, membership is available to anyone who lives, works or attends school in Hampden, Hampshire, Franklin or Berkshire counties in Massachusetts, and Hartford or Tolland counties in Connecticut. Offering a complete range of banking services and loan products, Freedom Credit Union has conveniently located Massachusetts branches in Chicopee, Feeding Hills, Greenfield, Ludlow, Northampton, Turners Falls, West Springfield and two in Springfield, as well as a Loan Production Office in Enfield, Connecticut. For more information, visit freedom.coop.  

Freedom Credit Union is federally insured by the National Credit Union Administration (NCUA). Shares and deposits in excess of NCUA limits are fully insured by the Massachusetts Credit Union Share Insurance Corporation (MSIC). Equal Housing Lender. NMLS #478769.

About Salus 

Salus is a leading fintech provider helping credit unions meet members, particularly Gen Z and millennials, where they are and make them members for life. The company leverages decades of experience in credit and technology to develop services that drive financial inclusion, including automated microloans, credit risk monitoring with predictive analytics, earned wage access and credit building through rent reporting. To learn more, visit www.SalusFintech.com or schedule a meeting with the team.