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1stClassCreditUnionPersonalLoanFairbankingMarkResearch

TheFairbankingFoundationawardsmarkstoproductswhichcandemonstratethattheyactincustomers’bestinterests,andimprovecustomers’financialwellbeing.

Inordertoqualifyforthisaward,1stClassCreditUnionmustbeabletodemonstratethatcustomershaveexperiencedatangiblepositiveimpactontheirfinancialwellbeingfromusingtheirpersonalloanfeatures.Todemonstratethis,asurveywasconductedtogaugefeedbackfromcustomersholdingtheproduct.

Abroadsampleofcustomerswereinterviewedoverthephoneandwereaskedtocompleteasetofpre-definedquestions.

Thepersonalloankeyfeaturesthatweretestedwere

• Theapplicationprocess

• Makingpayments

• Experiencingachangeincircumstances

• ConnectingLoansandSavings

Thisdocumentsummarisestheoutputsfromtheresearch.

Technicalnote

• 201completedinterviews–allonlineinterviews(between23rdMarch–8thApril)• Thesurveywasapproximately15minutesinlength• Allrespondentswereholdersofa1stClassCreditUnionloan.

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SCREENERANDINTRODUCTIONS1.Pleasecanyoutellus,doyouhavealoanwith1stClassCreditUnion?Singleresponsequestionaskedtoeveryone.Yes 201 100%No - -Don’tknow - -Prefernottosay - -Total N=201 100%S1a.Andwhichofthefollowingbestdescribestheloanyouhavewith1stClassCreditUnion?Singleresponsequestionaskedtoeveryone.Iamcurrentlypayingbackaloan 201 100%Idon’thavealoanwiththematpresentbutIhadaloaninthepastwhichisnowpaidoff - -Don’tknow - -Prefernottosay - -Total N=201 100%S2.Pleasecanyoutellus,approximatelywhenwillyoufinishpayingofftheloan.Ifyou’reunsure,pleasegiveyourbestguess.Singleresponsequestionaskedtoeveryonecurrentlypayingbacktheloan.Inthenextmonth 9 5%In1to3months’time 18 10%4to6months’time 32 17%7to12months’time 49 26%Morethan12months’time 74 40%Ihavealreadypaidoffmyloan - -Don’tknow 4 2%Prefernottosay 0 -Total N=186 100%

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ABOUTTHELOANANDTHEAPPLICATIONPROCESSQ1.Whichofthefollowingappliestoyourloanwith1stClassCreditUnion?Multipleresponsequestionaskedtoeveryone.Thisismyfirstpersonalloanwiththem 34 17%Ihadaloanbeforewhichhasbeencompletelypaidoff 116 58%Ihavehadatop-uptomyexistingloan 67 33%Ihavetwoloansincludingabudgetloan 0 -Noneoftheabove 2 1%Don’tknow 1 *Prefernottosay - -Total N=201Q1a.Pleasecanyoutellus,whatwasthepurposefortakingtheloan?Ifyouhavehadmorethanoneloanwith1stClassCreditUnion,pleasethinkaboutyourmostrecentloan.Multipleresponsequestionaskedtoeveryone. Tomakehomeimprovements 46 23%Topayforaholiday 60 30%Topayforaspecialoccasion(e.g.Wedding/Christmas/Birthday,etc.) 24 12%Purchasinghouseholdelectrics(e.g.TV,Fridge,Freezer,etc.) 15 7%Purchaseacar/bike 39 19%Topayforeverydaylivingexpenses(makeupforashortfallinmyincome) 4 2%Topayforhouseholdrepairs 15 7%Tohelppayforafuneral 2 1%Tocoverunexpectedoutgoings 7 3%Toconsolidatemydebts–sotheyareallinoneplace 19 9%Formyowneducation/furthereducation - -Tofundacareerbreak - -Formychildren’seducation 2 1%Tohelpmyadultchildren 2 1%ForemergenciesorbackupincaseIneedmoremoney 4 2%TohelptidemeoverwhilstIwasill - -Tohelppayforafuneral 2 1%Topayahouse/landlorddeposit 3 1%Somethingelse(specify) 10 5%Don’tknow - -Prefernottosay 3 1%Total N=201

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Q2.Anddoyouhaveanyotherproductswith1stClassCreditUnion?Multipleresponsequestionaskedtoeveryone.Ihaveasavingsaccount 124 62%Ihaveanotherloan 12 6%Other(pleasespecify) 4 2%No,Idon’thaveotherproductswith1stClassCreditUnion 68 34%Don’tknow 1 -Prefernottosay 3 1%Total N=201Q4.Andpleasecanyoutelluswhichofthefollowingappliestohowyoumadetheloanapplication?Multipleresponsequestionaskedtoeveryone.Iappliedonline 98 49%Iappliedonthetelephone 16 8%Ipostedtheapplication 85 42%Idownloadedtheapplicationform 20 10%Other(pleasespecify) 7 3%Can’tremember 4 2%Prefernottosay - -Total N=201Q5.Thinkingabouttheinterestratewhichappliestoyourloan,pleasecanyoutellushowdoestherateyouwereofferedcomparetotherateyouexpectedtobegivenwhenyoudecidedtoapplyfortheloan?Singleresponsequestionaskedtoeveryone.ItwasmuchhigherthanIthoughtitwouldbe 3 1%ItwasslightlyhigherthanIthoughtitwouldbe 10 5%ItwasthesameasIthoughtitwouldbe 98 49%ItwasslightlylowerthanIthoughtitwouldbe 30 15%ItwasmuchlowerthanIthoughtitwouldbe 40 20%Don’tknow 18 9%Prefernottosay 2 1%Total N=201 100%

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Q8.Duringtheapplication,didyouundertakeanincomeandexpenditureplannerwhichdetailedyourincomeandexpensestohelpyoudecidehowmuchyoucouldaffordtoborrow?Singleresponsequestionaskedtoeveryone.Yes 159 79%No 30 15%Can’tremember 10 5%Prefernottosay - -Total N=201 100%

Q9.Didyoukeepacopyoftheincomeandexpenditureplannertorefertolater?SingleresponsequestionaskedtoeveryonewhosaidyesatQ8.Yes 55 35%No 80 50%Can’tremember 24 15%Prefernottosay 0 -Total N=159 100%

Q10.Pleasecouldyoutellusinwhichways,ifany,didusingtheincomeandexpendituresstatementhelpyoudecideonwhatyoucouldaffordtoborrow?OpenendedquestionaskedtoeveryonewhosaidyesatQ8.“ItallowedmetoseehowaffordablemyloanwouldbeandwhatdisposableincomeIhaveattheendofeachweek/month.”“Ithelpedmereallywell.IthelpedmedecidewhatIcouldafford,whatIcouldtopup,basedonmyingoingsandoutgoings.“IthelpedmetodecidewhetheritwasaffordableandIwouldn'tstrugglewithanyimportantoutgoings.”Q11.Wastheamountyoucouldaffordtoborrowmoreorlessthantheamountyouthoughtyoucouldafford?SingleresponsequestionaskedtoeveryonewhosaidyesatQ8.ItwasmuchhigherthanIthoughtitwouldbe 11 7%ItwasslightlyhigherthanIthoughtitwouldbe 15 9%ItwasthesameasIthoughtitwouldbe 97 61%ItwasslightlylowerthanIthoughtitwouldbe 16 10%

16%Higher17%Lower

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ItwasmuchlowerthanIthoughtitwouldbe 11 7%Don’tknow 7 4%Prefernottosay 2 1%Total N=159 100%Q13.Which,ifany,ofthefollowingdidyoudotoworkouthowmuchyourrepaymentswouldbe,dependingonhowmuchyouborrowandoverwhatlengthoftime?Multiresponsequestionaskedtoeveryone.IhadadiscussionwithamemberofstaffonthetelephonewhereIwasshownexamplesofdifferentrepaymentslengthsandamounts

52 26%

Iused/wastoldtousetheonlinetoolorcalculator 126 63%Other(pleasespecify) 18 9%Don’tknow 6 3%Prefernottosay 6 3%Total N=201

Q15.Howhelpful,ifatall,hasitbeentocalculatepossiblemonthlyrepaymentsandrepaymentperiods?Singleresponsequestionaskedtoallcoding1-3atQ13.Veryhelpful 143 76%Fairlyhelpful 42 22%Notveryhelpful 0 -Notatallhelpful 1 1%Don’tknow 2 1%Prefernottosay 1 1%Total N=189 100%

Q15a.Yousaidthatitwas[answerfromQ15]tocalculatepossiblemonthlyrepaymentsandrepaymentperiods.Pleasecanyoutelluswhyyousaythat?Openendedquestionaskedtoallcoding1-4atQ15.Veryhelpful“AllowsmetomakesureI'mmakingtherightdecisionswithborrowing.”“Ithelpedmeinthesensethatifyoucan’taffordrepaymentfortherepaymentperiod,youcanchoosewhatyoucanaffordtoborrowandpaywithoutstretchingyourselfanddamageyourcredibilityofobtainingloaninthenearfuturewhereyoumayneedfunds.”“Letsyousetyourrealisticexpectationsregardingrepaymentsyoucanafford.”

98%Helpful

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Fairlyhelpful“SoIcanworkouthowmuchIwanttopaybackweekly.”“IthelpedmetobudgetmywagestomakesureIcouldkeepupthepayments.”Q16.Duringtheapplicationprocess,towhatextent,ifatall,didyouconsideralldebts,loans,creditcardsandotherborrowingthatyouhadtopayoff?Singleresponsequestionaskedtoeveryone.ItookallofmydebtsandborrowingintoaccountwhenIapplied 166 83%IthoughtIhadconsideredallofmydebtsandborrowingwhenIappliedbutrealisedduringoraftertheprocessthatthereweredebt(s)thatI’dforgottentoconsider

9 4%

Ididn’treallyconsidermydebtsandborrowingwhenIapplied 12 6%Don’tknow 4 2%Prefernottosay 10 5%Total N=201 100%

Q17.Howhelpfulwasittoconsideralldebtsandday-to-daybillsandoutgoingswhenmakingtheapplication?Singleresponsequestionaskedtoeveryonewhoconsidereddebts(code1or2atQ16).Veryhelpful 129 74%Fairlyhelpful 38 22%Notveryhelpful 4 2%Notatallhelpful 1 1%Don’tknow 1 1%Prefernottosay 2 1%Total N=175 100%

96%Helpful

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Q18.Whichofthefollowing,ifany,appliedtoyouwhenyouconsideredallofyourborrowingaspartoftheapplication?Multiresponsequestionaskedtoallwhoconsidereddebts(code1or2atQ16).IfeltreassuredthatIcouldaffordrepaymentsonthedebtsIalreadyhad

106 61%

IfeltreassuredthatIcouldaffordtherepaymentsontheloanIwasapplyingfor

99 57%

Ire-consideredwhetherIcouldtakeouttheloanatall 3 2%Idecidedtotrytodecreasemyborrowinginthefuture 8 5%IdecidedIneededmoreadviceonhowtoreducemydebts 1 1%Other - -Itmadenodifference;Ialreadyhadafullpictureofmydebts 10 6%Don’tknow - -Prefernottosay 1 1%Total N=175

Q18a.Inwhichways,ifatall,didyoudecidehowmuchyoucouldaffordtoborrow?Openendedquestionaskedtoallwhodidnotconsidertheirdebts(code3atQ16).“BycheckingwhatIcouldpayouteverymonth.”“HowmuchIwouldpaypermonthtohavetheloanfortheshortestpossibletime.”

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MAKINGPAYMENTSQ19.Whichofthefollowingmethodsofpaymentdoyouusetomakeyourmonthlypersonalloanrepayments?Ifyouusedifferentmethods,pleasetellusabouttheoneyouusemost.Singleresponsequestionaskedtoeveryone.Viapayrolldeduction 163 81%Viadirectdebit 37 18%Other - -Don’tknow - -Prefernottosay 1 -Total N=201 100%

Q20.Andhowconvenientdoyoufindittomakeyourrepayments[answerchosenatQ19]?SingleresponsequestionaskedtoallwhoallocatedamethodofpaymentatQ19.Veryconvenient 193 96%Fairlyconvenient 5 2%Notveryconvenient 1 -Notatallconvenient 1 -Don’tknow - -Prefernottosay - -Total N=200 100%

Q20a.Pleasecanyoutelluswhyyouchoosetomakeyourrepayments[answerchosenatQ19]Openendedquestionaskedtoall[code1-9atQ19]“Idon’thavetoworryaboutthepaymentsitsautomaticsoIcandefinitelybesurenottomissapayment.”“Partoftheprocessrequirementwhenapplyingforaloanalsoreassurancetoknowthatthepaymenthasbeenmadefrommypayrollandhelpsmycreditratingstatus.”Q20b.Doyoumakeyourrepaymentsontheday,orverysoonafter,youreceiveincome?SingleresponsequestionaskedtoallwhoallocatedamethodofpaymentatQ19.Yes 183 91%No 8 4%Don’tknow 8 4%Prefernottosay 2 1Total N=201 100%

98%Convenient

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Q20c.Andhowhelpfulwasittobemakingyourrepaymentssoonafteryoureceiveyourincome?Singleresponsequestionaskedtoallwhoanswered‘yes’atQ20b.Veryhelpful 165 90%Fairlyhelpful 12 7%Notveryhelpful - -Notatallhelpful 1 1%Don’tknow 5 3%Prefernottosay - -Total N=183 100%

Q20d.Yousaidthatmakingyourpaymentssoonafteryoureceiveincome[answerchosenatQ20c].Pleasecanyoutellusmoreaboutwhyyousaythat?Openendedquestionaskedtoall[code1-4atQ20c“Thatwaywhatisleftisyoursandyoudon'thavetoworryaboutrepayingyourloan.”“BecausemoneyfortheloanhasalreadybeendeductedfrommywagebeforeIcanaccessit,IknowthatwhatIhaveleftismineandIhavegotusedtothatamountofwageandlearnttobudget.”“Don’tneedtoworryaboutnothavingthemoneyinbanktocoverit.”Q20e.Didyourlenderatanypointsuggestmakingrepaymentssoonafterreceivingincome?Singleresponsequestionaskedtoall Yes 36 18%No 112 56%Don’tknow 47 23%Prefernottosay 6 3Total N=201 100%

Q21.Wereyouawarethatyoucanmakeadditionalpaymentsonyourloanwithoutcharge,overandaboveyournormalrepayments?Singleresponsequestionaskedtoall Yes 145 72%No 49 24%Don’tknow 6 3%Prefernottosay 1 -Total N=201 100%

97%Helpful

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Q22.Overandaboveyournormalrepayments,haveyouevermadeanadditionalpaymentonyourloan?Singleresponsequestionaskedtoallwhoanswered‘yes’atQ21 Yes 27 19%No 114 79%Don’tknow 2 1%Prefernottosay 2 1%Total N=145 100%

Q23.Whichofthefollowingmethodsdidyouusetomaketheadditionalpayment?Ifyouhavemademorethanoneadditionalpayment,pleasetellusaboutthemostrecentonethatyoumade.Singleresponsequestionaskedtoallwhohavemadeadditionalpayments.Viapayrolldeduction 2 7%Viaonlinebanking 2 7%Viadirectdebit 1 4%Viastandingorder - -IusedsavingsthatIbuiltup 10 37%Onlineonamobilephone - -Onlinewithadebitcard 5 19%Inabranch - -Onthetelephone 5 19%Other 2 7%Don’tKnow - -Refused - -Total N=27Q23a.Inwhichways,ifany,didyoudecidehowmuchyoucouldaffordtooverpayyourloanby?Openendedquestionaskedtoallhavemadeadditionalpayments[code1atQ22]“BecauseIhaddonesomeovertimeandIhadsomeextramoney.”“JustcalculatedhowmuchsavingsIhadbuiltuptopayoffloan.”“SeenthatIhadenoughsavingsinmyCreditUnionsavingsaccounttoclearthedebt.”

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Q24.Doyourecallyourproviderremindingyoutoconsiderrepayingyourloanearlyoroverpayingifyoucould?Thiscouldhavebeeninpersoninbranch,inmarketingmaterials,onthetelephone,aletter,anemail,aspartofyourapplicationandstatement,orviasomeothermethod.Singleresponsequestionaskedtoall Yes 53 26%No 103 51%Don’tknow 41 20%Prefernottosay 4 2%Total N=201 100%

Q24aa.Pleasecanyoutelluswhat,ifanything,didyoudoasaresultofreceivingthatreminderfromyourprovideraboutbeingabletorepayearly(andsaveinterest)?Openendedquestionaskedtoallhadreceivedencouragementtorepayearly[code1atQ24]“Paidfrommysavingstotakeadvantageofreductionininterest.Longtermsavin”g“Ihavepaidbackearlierloansearly”“NothingbutwaashappywithinformationIwasgivenattime”Q24a.Pleasecanyoutellus,whichofthefollowingbestappliestohowoftenyouhavebeenabletomakeadditionalpaymentsonyourloan?Singleresponsequestionaskedtoallwhohavemadeadditionalpayments.Ioncemadeanadditionalpayment 10 37%Ihaveoccasionallymadeanadditionalpayment 13 48%Iregularlymakeadiitionalpayments 3 11%Ialwaysmakeadditionalpayments - -Don’tknow - -Refused 1 4%Total N=201 100%Q25.Forwhatreasonswereyoumotivatedtomakeanadditionalpaymentonyourloan?Openendedquestionaskedtoallweremotivatedtomakeanadditionalpayment[code1atQ22]“BecauseIhadenoughsavingstodoso.”“Tosaveinterestandpeaceofmindthatloanispaidoff.”

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Q26a.Pleasecanyoutellushowhelpfulitistobeabletomakeadditional/earlypaymentsonyourloan??SingleresponsequestionaskedtoallVeryhelpful 23 85%Fairlyhelpful 4 15%Notveryhelpful - -Notatallhelpful - -Don’tknow Prefernottosay - -Total N=27 100%

Q26b.Yousaidthatbeingabletomakeadditionalpaymentsis[insertanswerfromQ26a].Pleasecanyoutelluswhatmakesyousaythat?Openendedquestionaskedtoallwhohavemadeadditionalpayments“Becauseit'sconvenientandispositiveonmyfinancialoutlookinthelongterm.”“It'sgoodtoknowthatifyouareabletopayoffaloanearlythatyoucanandyou'renotgoingtogetanyextrachargesforit.”“Iliketobeincontrolofmyownfinances,ifIwanttomakeanoverpaymentitshouldbeeasilydone”

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CHANGEINCIRCUMSTANCES

Q32.Wereyouawarethat1stClassCreditUnioncommunicateswithyouviatelephone/emailregardingyourpersonalfinancialcircumstances,includingwaystohelpyoumanageyourfinancesandmeetyourrepaymentobligations?Singleresponsequestionaskedtoeveryone.Yes 161 80%No 31 15%Don’tknow 7 3%Prefernottosay 2 1%Total N=201 100%

Q32a.Pleasetelluswhichofthefollowingbestappliestowhatyouthinkabouttheassistance1stClassCreditUnionofferstocustomerswhowishtomanagetheirfinancesbetter.Singleresponsequestionaskedtoeveryone.IfeelbetterknowingthatthehelpisavailableshouldIrequireit 178 89%Itdoesn’tmatteratalltomewhetherit’sthereornot 13 6%Ithinktheassistanceofferedhasanegativeimpactoncustomers 3 1%Other(specify) - -Don’tknow 5 2%Prefernottosay 2 1%Total N=201 100%

Q32b.Howlikelywouldyoubetogetintouchwith1stClassCreditUnionifyouthoughtyoumightmissapaymentduetoafinancialproblem?Singleresponsequestionaskedtoeveryone.Verylikely 158 79%Fairlylikely 13 6%Fairlyunlikely 5 2%Veryunlikely 18 9%Don’tknow 5 2%Prefernottosay 2 1%Total N=201 100%

85%Likely

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Q32c.Yousaidthatyouare[answerfromQ27b]togetintouchwith1stClassCreditUnionaboutyourpersonalfinancialcircumstancesifyoueverthinkyouaregoingtomissapayment.Pleasecanyoutelluswhatmakesyousaythat?Openendedquestionaskedtoeveryonewhocoded1-4atQ32b.Verylikely“Friendly,professional&helpfulstaff.”“1stClassC.U.advisesthatifamemberisexperiencingfinancialdifficultiesthattheyshouldgetintouchandiftheycanhelpnomattertheproblemeveryeffortwillbemadetohelpthemember.”“IfeeltheyareveryhelpfulanytimeI'verequiredadvice.”Fairlylikely“Youneedtomakethemknowthatyouarehavingdifficultiessothatwecanmakearrangementsthatareconvenientforbothofus”Fairlyunlikely“I’venotmissedapaymentbutifsomethingunforeseenaroseIwouldcontactthem”Veryunlikely“Asourpaymentscomefromthewagesdirectwewouldnotmissapaymentasitisdeductedpriortoourreceivingwages”Q33.Pleasecanyoutellus,whichofthefollowingappliestoyou?Singleresponsequestionaskedtoeveryone.Ihavemissedapaymentonmorethanoneoccasion 2 1%Ihavemissedapaymentonlyonce 3 1%Ihavealwaysmademypaymentsontimebuthavecomeclosetomissingapaymentatleastonce 10 5%Ihavealwaysbeenabletomakemypaymentsontimeandhavenevercomeclosetomissingapayment 183 91%Don’tknow 1 -Prefernottosay 2 1%Total N=201 100%

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Q34a.Pleasecanyoutelluswhatactions,ifany,didyoutakewhenyounearlymissedthepayment(s)?Openendedquestionaskedtoallcomingclosetomissingpayments(code3atQ33).“Contactedthemtodiscuss,asmycontractchangedfromweeklytomonthly.Theywereveryhelpful.” “Duetoabankingmistake,apaymentwasmissedontheduedate.Irangthefollowingdayandmadeacardpaymentoverthephone.”“IspokewiththecredituniontosaythatImaynothaveenoughinmyaccounttomeetthedirectdebit.”Q35a.Pleasecanyoutelluswhich,ifany,ofthefollowingdidyouexperiencewith1stClassMultiresponsequestionaskedtoallwhomissedapayment(code1or2atQ33).Theycontactedmebyletter 2 40%Theycontactedmebytelephone 2 40%Other(pleasespecify) - -Icontactedthemafterthepaymentwasmissedbutbeforetheycontactedme 1 20%Ihadnocontactwithmyprovideraboutmissingthepayment - -Icontactedthemtoalertthembeforethepaymentwasmissed 1 20%Don’tknow - -Prefernottosay - -Total N=5Q36a.Pleasecanyoutelluswhichofthefollowingbestappliestothecontactyouhadwith1stClasscreditunionafteryoumissedapayment.Singleresponsequestionaskedtoallwhocoded1-3atQ35a.Myprovidercontactedmestraightaway,withinadayortwoofmemissingthepayment 1 33%Myprovidercontactedmefairlysoonafterwards,withinaweekofmissingthepayment 2 67%Myprovidercontactedmemorethanaweekaftermissingthepayment - -Myprovidernevercontactedmeaboutmissingthepayment - -Don’tknow - -Prefernottosay - -Total N=3 100%

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Q36b.Yousaidthatyouhadcontactwith1stClassCreditUnionrecentlyaboutmissingaloanrepayment.Pleasecanyoutelluswhathappenedasaresultofthatcommunication?Openendedquestionaskedtoallwhocoded1-6atQ35a.“Wearrangedtoextendloanperiod”“TheytookmoneyoutofmysavingsandIamnowpayingbackintomysavings”“Icametoanagreementtopaythepayments”Q37.Pleasecanyoutelluswhichofthefollowingappliestowhathappenedasaresultofyourcontactwith1stClassCreditUnion?Multiresponsequestionaskedtoallwhocoded1-6atQ35a.Givenarevisedrepaymentplan 2 40%Givenarepaymentbreak 1 20%Givenamendedrepaymentdatessotheloantermwasextended - -ReferredtoathirdpartysuchasaDebtAdviceCharity - -Other - -Nosolutionprovided 1 20%Don’tknow - -Prefernottosay 1 20%Total N=5 Q38.Andthinkingabouttheoutcomeofyourcontactwith1stClassCreditUnion,howhelpfulwouldyousayyoufoundeachofthefollowing?Singleresponsequestionaskedtoallwhocoded1-4atQ37.

Veryhelpful

Fairlyhelpful

Fairlyunhelpful

Veryunhelpful

Don’tknow

Givenarevisedrepaymentplan 2100% -

- - -

Givenarepaymentbreak 1100% -

- - -

Q39a.Yousaidthatyouwere[answerfromQ37]andthatthiswas[ratingfromQ38].Pleasecanyoutellusmoreaboutwhatmakesyousaythat?OpenendedquestionaskedtoallwhogavearatingatQ38andrepeatedforeachstatementselectedatQ37.

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Q40.Pleasecanyoutellusforhowlonghaveyoubeenonyourrevisedrepaymentplan?Ifyou’reunsure,pleasegiveyourbestguess.Singleresponsequestionaskedtoallwhocoded1atQ37.Lessthan3months 2 100%Between3and6months - -Between6and9months - -Between9and12months - -Between1and2years - -Morethan2years - -Don’tknow - -Prefernottosay - -Total N=2 100%Q41.Stillthinkingaboutyourrevisedrepaymentplan,pleasecanyoutellushowaffordablethiswasforyouatthetimeitwassetup?Singleresponsequestionaskedtoallwhocoded1atQ37.Veryaffordable 2 100%Fairlyaffordable - -Fairlyunaffordable - - Veryunaffordable - - Don’tknow - - Total N=2 100%Q42.Pleasecanyoutellustowhatextentyouhavebeenabletokeepupyourrepayments?Singleresponsequestionaskedtoallwhocoded1atQ37.Ihavealwayskeptupwithrepayments 1 50%Ihavemostlykeptupwithrepayments 1 50%Ihavemostlynotkeptupwithrepayments - -Ihaveneverkeptupwithrepayments - -Don’tknow - -Prefernottosay - -Total N=2 100%Q43.Pleasecanyoutellus,overall,howeffectiveyoufeel1stClassCreditUnionhasbeeninhelpingyoutoreduceyourdebt?Singleresponsequestionaskedtoallwhomissedornearlymissedapayment(code1,2or3atQ33).

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Veryeffective 11 73%Fairlyeffective - -Notveryeffective 1 7%Notatalleffective 2 13%Don’tknow 1 7%Prefernottosay - -Total N=15 100%Q43a.Yousaidthat1stClassCreditUnionwas[answergivenatQ43].Pleasecanyoutelluswhyyousaythat?Openendedquestionaskedtoallwhocoded1-4atQ43.Veryeffective“Lowinterest,reliableservice.”“Theylistentoyourneedsandwillaccommodatewhentheycan”Notatalleffective“Noonehaseverspoketomeoraskedmeaboutmydebt”

73%Effective

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CONNECTINGLOANSANDSAVINGSQ44.WasaregularpaymentintoasavingsaccountwithyourCreditUnionsetupalongsideyourloanrepayment??Singleresponsequestionaskedtoeveryone.Yes 183 91%No 14 7%Don’tknow 1 -Prefernottosay 3 1%Total N=201 100%

Q46a.Howhelpfulis/wasittobesavingatthesametimeaspayingoffyourloan?Singleresponsequestionaskedtoallwhohavebeensavingwhilstpayingbacktheirloan(code1atQ45a). Veryhelpful 164 90%Fairlyhelpful 13 7%Notveryhelpful 2 1%Notatallhelpful 1 1%Don’tknow 2 1%Prefernottosay 1 1%Total N=183 100%

Q46b.Yousaidthatsavingalongsidemakingyourloanrepaymentsis[answerfromQ46a].Pleasecanyoutelluswhatmakesyousaythat? Openendedquestionaskedtoallwhocoded1-4atQ46a.Veryhelpful“Itmeansthatbecausetheyareworkingintandem,whentheloanisfinishedIwillhaveaniceamounttodowhateverIwantwith.ThatisnicetoknowandIdon'tmissitfrommywages.AftermylastloanIhadsaved500pounds.Itislikeasafetynet.”“IambuildingmysavingswhichcaneasilybeusedtohelpmakearepaymentshouldtheunlikelyhappenthatIcouldn’tpayformyloan.”“Ilikehavingthesecurityofsavingatthesametime”Fairlyhelpful“Itishelpfulforhavingalittlesavingsforunforeseencontingenciesandthesametimepayingyourloan

97%Helpful

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Q47.Whichofthefollowingstatementsbestappliestoyoursavingshabits,beforeyoujoinedthe1stClassCreditUnion?Bysaving,wemeanputtingmoneyintosavingsproductssuchasasavingsaccountorISASingleresponsequestionaskedtoeveryone.Isavedregularlythroughouttheyear 75 37%IsavedwheneverIcould 56 28%Isometimessavedaone-offlumpsum 11 5%Iwasneverabletosaveatall 57 28%Don’tknow - -Prefernottosay 2 1%Total N=201 100%Q48a.Whichofthefollowingstatementsbestappliestoyoursavingshabits,sinceyoufinishedpayingoffyourloan?Bysaving,wemeanputtingmoneyintosavingsproductssuchasasavingsaccountwith1stClassCreditUnionSingleresponsequestionaskedtoeveryone whopaidofftheirloan.Isaveregularlythroughouttheyear 13 87%IsavewheneverIcan 2 13%Isometimessaveaone-offlumpsum - -Iamneverabletosaveatall - -Don’tknow - -Prefernottosay - -Total N=15 100%Q49.Pleasecanyoutelluswhichofthefollowingstatementsbestappliestoyourfuturesavingsplansafteryourloanhasbeenpaidoff?Singleresponsequestionaskedtoallcustomerscurrentlypayingtheirloan(code1atS1a).Iwillsaveregularlythroughouttheyear 148 80%IsavewheneverIcan 26 14%Iwillsometimessaveaone-offlumpsum 2 1%Iwillnotbeabletosaveatall 6 3%Don’tknow 3 2%Prefernottosay 1 1%Total N=186 100%Q50a.Inwhatways,ifany,hastakingoutyourloanwith1stClassCreditUnion,helpedyouwithyoursavingshabits? Openendedquestionaskedtoeveryone.

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“It'sbeenawayformetosaveregularly.It'sdeductedatpayrollsoIdon'thavetoworryaboutrememberingthemoneyisgoingtobecomingoffbecauseit'salreadyof..”“VeryhelpfulasIhaveneverbeenabletosavebymyselfIthinkit'sagreatservice.”“IwasalwaysconsciousofmydisposableincomebutwiththehelpoftheC.U.wasencouragedtoseethevalueinsaving,Inowonlytakeoutasecuredloanwhichisagainstmyshares/savingsandIgetamuchlowerinterestrate.”Q51a.Bybuildingupasavingswith1stClassCreditUnionatthesametimeaspayingoffyourloan,youwillpaymoreinterestbackastheloanwilltakelongertopayoffthanifyouwerenotsaving.Doyoufeelitisworththeextrainterestonyourloan,tohaveanamountinsavingsavailablewhenyourloanispaidoff? Singleresponsequestionaskedtoallcoded1atQ44.Yes 149 81%No 15 8%Don’tknow 18 10%Prefernottosay 1 1%Total N=183 100%

Q52a.Andpleasecanyoutelluswhyyousaythat?Openendedquestionaskedtoeveryonewhocoded1-2atQ51b.“Well,ifIdidn'thavethesavings,Iwouldbepayingtheloanforthefullthreeyear,butwiththesavingsavailable,Iwillbeabletopayofftheloanearly.“AttheendoftheloanIwillhavesavingstoowhichisgreatfeelingknowingthattheloanispaidoutandyouhavealittlenesteggattheendofit!It’sawinwin!!.”“Iwouldn'tsaveotherwisesoworthittomeinthelongrun”Q53.Whichofthefollowingappliestoyoursavingsaccount?SingleresponsequestionaskedtoeveryonewhosaidyesatQ45a.Youcanwithdrawallyoursavingsatanytime,providedyoumaintaintheregularloanpayment

27 15%

Youcanwithdrawanysavingsthatexceedyourloanbalanceatanytime

85 46%

YoucanapproachyourCreditUniontowithdrawallyoursavingswhileyouhavealoanout-standingandtheyarelikelytoagree.

8 4%

Don’tKnow 48 26%Prefernottosay 15 8%Total N=183 100%

3.2