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Six Credit Unions Selected to Seek Payday Loan Alternatives

Six Credit Unions Selected to Seek Payday Loan Alternatives

Nov. 10, 2004–JPMorgan Chase & Co. plus the nationwide Federation of Community developing Credit Unions have actually selected six credit unions in five states to generate and develop options to high-cost “payday” loans for customers.

Beginning year that is early next the lender will be able to work using the credit unions in Ca, Illinois, Louisiana, ny and Ohio to simply help low-income consumers whom now use short-term loans to hold them over until their next paycheck. These customers are faced with high fees and rates for loans as short as a week or two with few choices.

” Through a rigorous approval procedure, we selected these credit unions due to their strong records of enhancing the communities they provide,” stated Lewis Jones, president associated with the J.P. Morgan Chase Foundation. “These brand brand brand brand new lovers works hard on the year that is next find practical options that can help customers and their own families keep a lot more of their hard-earned money.”

The funds totaling $225,000 is certainly going to (in alphabetical purchase):

ASI Federal Credit Union (Harahan, Los Angeles) $25,000 – ASI FCU serves people, families and companies from five parishes in Louisiana. The credit union will introduce “APPLE” consolidation loans to greatly help people pay back debts all the way to $1,000 which are owed to predatory loan providers. Borrowers may have as much as eighteen months to pay for right straight right straight back these low-interest loans, at A apr that is fixed of 10 %. ASI could also be helpful their people develop assets while paying down their loan; a percentage of each APPLE loan payment are going to be positioned in an innovative new checking account, to greatly help the user through future emergencies. Borrowers will also be expected to pledge not to ever borrow money from any payday or lenders that are predatory the extent of these APPLE loan.

Bethex Federal Credit Union (Bronx, NY) $25,000 – For 34 years, Bethex FCU has offered communities into the Southern Bronx, where there are many more check cashers borough-wide than just about just about any services that are financial.