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Promise CU Highlighted in Houston Chronicle's Spanish Newspaper for its Citizenship Loan
Thursday, November 14, 2013 6:40 AM

With the costs of all immigration applications going up, Promise CU, in collaboration with Neighborhood Centers Inc. - a local non-profit organization, has launched an affordable citizenship loan. Randy Martinez, CEO of the Houston-based credit union, says Neighborhood Centers Inc. refers consumers interested in the loan to the credit union. Ninety percent of the citizenship loans awarded, he says, has been given to Hispanics.

In the Nov. 13 issue of the La Voz de Houston, the Houston Chronicle’s Spanish publication, Martinez explains that if the person receiving the loan takes a year to pay it, their monthly payments would be about $39, an amount that includes interest of five percent and a loan processing fee of $75.

Rick Grady, vice president of research with the Cornerstone Credit Union League, tells reporter Alvaro Ortiz that the average interest rate on a personal loan in the Houston area is 11.9 percent.

Click here view an interview with Martinez on La Voz de Houston.