ST. CLOUD, Minn.—The TriUnity Foundation and Wade& have announced a partnership designed to help credit unions reduce the financial burden on members facing terminal or life-threatening illnesses while generating additional funding to provide direct financial assistance to affected families.
According to the TriUnity Foundation, the partnership combines Wade&’s work helping credit unions refinance members’ high-interest debt with the foundation’s mission of providing financial relief to individuals dealing with serious medical conditions.
Under the arrangement, Wade& will contribute $20,000 to TriUnity Foundation for each qualifying program established with a participating credit union.
“A terminal or life-threatening diagnosis brings enough uncertainty without the added pressure of how to pay for it,” said LeAnn Case, board chair of TriUnity Foundation. “TriUnity exists to reduce that financial strain. This partnership advances our mission by helping credit unions ease the burden of high-interest debt while generating additional funding for direct financial relief.”
Addressing Hidden Medical Debt
According to the foundation, medical expenses do not always appear as traditional medical debt. Instead, they may take the form of credit card balances, financing arrangements and monthly payments that continue long after treatment ends.
Research cited by Wade& indicates approximately one in six Americans pays a medical or dental bill with a credit card and carries the balance.
The foundation said families confronting serious diagnoses often prioritize obtaining care over evaluating financing options, potentially exposing them to high interest rates and deferred-interest arrangements that can result in retroactive interest charges if balances are not paid within promotional periods.
Through the partnership, participating TriUnity credit unions will be able to work with Wade& to identify members carrying high-interest debt at other financial institutions, including debt associated with medical expenses.
Wade& then helps credit unions develop personalized, preapproved lending offers that meet each institution’s underwriting criteria.
Potential Savings for Members
According to Wade&, its existing programs have produced the following results:
- Original interest rates: Members have refinanced debt carrying rates ranging from 21% to 32%.
- New loan rates: Refinanced credit union loans have averaged approximately 11%.
- Annual savings: Participating families have saved an average of more than $1,500 annually in interest expenses.
The company emphasized that actual interest rates and savings depend on individual borrower circumstances and the terms offered by participating credit unions.
The foundation said the approach reflects the credit union movement’s longstanding commitment to affordable credit and helping members avoid costly financing arrangements.
“The alignment with TriUnity was clear from the beginning,” said Nick Wade, founder of Wade&. “We both want to reduce the financial pressure people face when their health and their family need their attention. Helping a member replace high-interest debt can improve their monthly finances. Supporting TriUnity allows that same work to reach further through direct financial relief.”
Grants of Up to $10,000
In addition to helping members reduce borrowing costs, the partnership is intended to expand the foundation’s ability to provide direct financial assistance.
TriUnity Foundation, a national, credit union-led 501(c)(3) nonprofit organization, provides grants to eligible individuals through its credit union partners.
The foundation currently offers two grant amounts:
- $2,500 grants to help recipients manage financial pressures associated with serious illnesses.
- $10,000 grants to provide more substantial financial assistance to eligible individuals and families.
The grants can be used for everyday living expenses and other financial obligations that continue during medical treatment.
TriUnity said its charitable assistance is available to eligible individuals within participating credit unions’ fields of membership.
How Credit Unions Can Participate
The foundation said the partnership is designed to address both the immediate financial pressures associated with a serious medical diagnosis and the longer-term debt that can result from treatment and related expenses.
Wade& uses data analysis, proprietary credit models and implementation support to help credit unions identify members’ borrowing needs and develop targeted lending offers. The company said its approach also includes transferring knowledge and capabilities to credit union employees so institutions can continue serving members independently.
Credit unions interested in participating in the program can contact Bryan Peters, Wade& chief sales officer, at [email protected].
