Alternatives Federal Credit Union Ithaca New York – The Ithaca HOUR is a local currency issued and used in Ithaca, NY. It is designed to encourage support of local businesses in Ithaca and the surrounding community and prevent that money from leaving the local economy. The price of HOUR is fixed at 10 dollars and it is a time based financial system where one hour of work is equal to another hour of work.
The US government does not support it, and Ithaca companies are not required to accept it.
Alternatives Federal Credit Union Ithaca New York
In 1991, Paul Glover launched a new Ithaca coin and set the value of the HOUR at $10. This new price was the average hourly wage in Ithaca at the time. Glover hoped that the HOURS project would save money for the local economy, and avoid the social and economic costs associated with an increasingly globalized financial system. Glover promoted HOURS aggressively, and by the end of 1991, about 20 local businesses had pledged to accept the new money. That number grew into the hundreds in the 1990s
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Since then, many US communities have followed Ithaca’s lead and introduced local currencies designed to encourage local business and reduce the flow of that money to a particular area. In most cases, local currencies are designed to work with US dollars. Like social media today, these funds benefit from the network effect, as more people and businesses use the system, the benefits they can get increase.
The HOURS program relies more fundamentally on the gospel of its founder, who worked full-time to educate residents and business owners on the use of HOURS.
The rise of electronic billing systems, along with Glover’s departure from Ithaca, contributed to the gradual decline of HOURS usage in the early 2000s. Recovery efforts still need to be taken care of. An organization known as Ithacash has attempted to introduce an internet-based local currency called “Ithaca Dollars.” This coin was never formally minted. Ithacash operates an online marketplace where users can trade in Ithaca or US dollars. However, the project’s website is no longer active, and its Twitter presence has not been updated since 2017.
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In a nutshell: For four decades, Alternatives Federal Credit Union has provided affordable loan options and sound financial advice to low-income consumers who have struggled to get fair treatment from banks and other lenders. In an era of high-interest credit cards and loans, alternative programs like Back on Track offer low-interest loans for emergencies such as medical, car repair, or veterinary bills. Alternatives treats all customers with respect and recognizes their unique needs. For example, the auto loan program offers flexibility to help consumers find affordable financing for older model cars within their budget. Alternatives will never turn down credit score based loans and maintain a very low delinquency rate. Because we work to meet the lending needs of the underprivileged with respect and safe financial services, we recognize Federal Loan Alternatives as a Top Institution to make Smart Loan Choices more accessible. //
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Sometimes life throws up obstacles that prevent even the most responsible person from paying on time. While many financial institutions may use scare tactics to encourage borrowers to pay in such cases, Alternatives Federal Credit Union takes a different approach. If a customer falls behind on a loan, the Transitions staff works with each individual to develop a customized solution to catch up.
Alternative goals are to build wealth and create economic opportunities for disadvantaged people and communities. The organization provides low-interest loans for home, car, personal, and other needs. These loans come with better terms than customers can find elsewhere – especially people with low credit scores who fall into loans and leases.
Alternatives Federal Credit Union was founded in 1979 in Ithaca, New York, as a community-owned, low-income credit union designed to support communities financially by providing capital to businesses and individuals who are underserved or underserved by banks and other financial institutions. . .
While a person’s credit score can determine their interest rate, alternatives will not approve or deny a loan based on their credit score.
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In addition, alternatives provide financial advice to individuals and businesses, including a Student Credit Union program that teaches elementary school students how to manage money and community programs that provide free tax preparation, among other services.
Chief Lending Officer Carol Chernikoff, who has been with the credit union for 35 years, said founder and former CEO Bill Myers always insisted that alternatives were available to give “a hand, not a handout.”
That community involvement includes working with local non-profit groups to identify and address the interests of low-income and disadvantaged people. In a recent partnership, Carol Chernikoff said Alternatives and Planned Parenthood of the Southern Finger Lakes launched a partially funded financial services and counseling program for transgender people.
In its efforts to meet the needs of the underserved with a range of affordable loans while maintaining ethical business and financial practices, we recognize Alternatives Federal Credit Union as a Top Credit Union for Smart Loan Options.
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The car you rely on to get to work breaks down. You need the root of urgency. A pet gets sick, and the vet bills are piling up. These types of unexpected expenses can put a strain on budgets and savings accounts.
With so-called Back on Track loans, which are described as a debt protection program, Alternatives help people weather the financial storms of debt and unexpected expenses.
For example, information about Back on Track is available at local dental offices to provide an alternative to financing options that often carry high interest rates. The credit union is also working with local non-profit groups to identify residents who could benefit from the program.
As a way to borrow money, alternatives do their due diligence to ensure that Get Back On Track loans are approved for unexpected events and emergencies, rather than trivial ones like a new sofa.
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The Back on Track program offers 8% interest on loans up to $4,000, with flexible payment terms of up to four years and plans designed to fit the borrower’s budget. For example, the monthly payment is $97 to pay off a $4,000 loan over four years.
Alternatives are offered to help people with their unique financial circumstances with the Back on Track program and other credit options. That’s why, if a person is dealing with recurring expenses instead of year-end expenses, a revolving line of credit instead of a Back on Track loan may be a better solution for their situation.
Most people today use vehicles to get to work, school, the doctor, and the grocery store. Alternatives recognize the importance of access to transportation and offer flexible car loan programs to help low-income people purchase a vehicle that fits their budget.
What’s different about Alternatives is its approach to funding over time. When you finance a vehicle at a credit union, an eight-year car loan has the same low interest rate and six-year payment plan as a one-year car loan.
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Unlike other financial institutions, Alternatives has loan programs available for cars that are nine to 11 years old.
In addition, the financial institution