SEATTLE–In one of the most expensive housing markets in the country, a credit union has introduced a loan and other resources to help renters with moving expenses.
Seattle Credit Union has launched a “rental loan” it said it designed to help consumers who are feeling the “expense pinch” navigate the costs, deposits and surprises of a new rental. Seattle CU, which developed the product with product design partner firm Twenty Four 7, said the loan is an alternative to expensive credit card debt or loans from friends or family.
The organizations said the goal is to ensure would-be home renters feel comfortable, well-served and informed about their options. The initiative includes the eventual creation of The Rental Lounge, which they described as a “new type of in-branch experience designed to cater to a new generation of consumers who prefer renting or are just joining the housing ladder.”