Six Credit Unions Selected to take into consideration Payday Loan Alternatives

Six Credit Unions Selected to take into consideration Payday Loan Alternatives

Six Credit Unions Selected to take into consideration Payday Loan Alternatives

brand brand NEW YORK–( BUSINESS WIRE )–Nov. 10, 2004–JPMorgan Chase & Co. as well as the nationwide Federation of Community developing Credit Unions have actually chosen six credit unions in five states to create and develop choices to high-cost “payday” loans for clients.

Starting early the year that is following the lending company will probably work with the credit unions in Ca, Illinois, Louisiana, nyc and Ohio to help low-income clients whom now use short-term loans to move them over until their next paycheck. With few alternatives, these consumers are confronted by high expenses and charges for loans as brief being truly a fourteen days.

” by means of an approval that is rigorous, we selected these credit unions because of their strong papers of boosting the communities they supply,” stated Lewis Jones, president when it comes to J.P. Morgan Chase Foundation. “These brand name completely new fans will probably work hard throughout the the year that is following find practical choices which can only help customers and their very own families keep much more of these 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 individuals, families and organizations from five parishes in Louisiana. The credit union will introduce “APPLE” consolidation loans to help users repay debts all of the way to $1,000 that can be owed to predatory financial institutions. „Six Credit Unions Selected to take into consideration Payday Loan Alternatives“ weiterlesen