Six Credit Unions Selected to look for Payday Loan Alternatives

Six Credit Unions Selected to look for Payday Loan Alternatives

NEW YORK–( COMPANY WIRE )–Nov. 10, 2004–JPMorgan Chase & Co. together with nationwide Federation of Community developing Credit Unions have actually selected six credit unions in five states to produce and develop options to high-cost “payday” loans for customers.

Beginning year that is early next the financial institution will be able to work because of the credit unions in Ca, Illinois, Louisiana, ny and Ohio to assist low-income customers whom now utilize short-term loans to transport 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.

” by way of an approval that is rigorous, we selected these credit unions for their strong documents of enhancing the communities they provide,” stated Lewis Jones, president associated with J.P. Morgan Chase Foundation. “These brand new partners is going to work difficult throughout the the following year to find workable options that will assist customers and their own families keep a lot more of their hard-earned cash.”

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 organizations from five parishes in Louisiana. The credit union will introduce “APPLE” consolidation loans to greatly help users repay debts as much as $1,000 which are owed to predatory loan providers. Borrowers may have as much as 1 . 5 years to cover straight right right back these low-interest loans, at a hard and fast apr of just ten percent. ASI could also be helpful their people develop assets while paying down their loan; a portion of each loan that is APPLE may be put into an innovative new family savings, to simply help the user through future emergencies. Continue reading “Six Credit Unions Selected to look for Payday Loan Alternatives”