lespeoples.org
37 Avenue B, New York, NY 10009 | (212) 529-8197 (Lower East Side)
2285 2nd Avenue, New York, NY 10035 | (212) 828-6061 (East Harlem)
The Lower East Side People’s Federal Credit Union is a financial institution that provides loans and mortgages with much lower and affordable interest rates than any other financial institution. The LESPCFU provides counseling services and workshops to its members.
Eligibility
— Low income New Yorkers
— To receive services from the East Harlem branch, you must live in East Harlem
— People living in low-income housing qualify for loans and mortgages
— Everyone can receive services regardless of immigration status. The union serves all individuals with a social security number and an ITIN (Individual Taxpayer Identification Number) in the exact same manner without discrimination
— If a person doesn’t have a social security or ITIN number, LESPCFU will provide clients with an account, but not with loans or interest
–LESPCFU have programs to help members apply for an ITIN
How to Open an Account/Become a Member
— Need a $25 minimum deposit to open a savings account (need to open a savings account to become a member)
— Must keep a minimum balance of $75 to avoid a monthly maintenance fee
— Once you manage to do the above two things, you can open other accounts, like a checking account, for free
— For the checking account, a debit card is provided with no monthly or transaction fees
— If someone doesn’t have enough to open an account, LESCPFU will provide a line of credit which essentially allows someone to only pay when they use it
Provided Loans and Mortgages
— Interest rate for loans is usually within the range of 9%-11% as opposed to other credit cards on the market which are 20%
— LESCPFU work with everyone, regardless of credit score. If someone has a low credit score, the interest rate will be raised, but to a maximum of 18%
Find more information about how to become a member at lespeoples.org/share-draft-checking. Contact the Union by calling the 24-Hr. People’s Voice Response at (800) 854-3855 or sending an email to lespcfu@lespcfu.org.
Updated on July 29, 2021