Six Credit Unions Selected to check for Payday Loan Alternatives
brand brand NEW YORKвЂ“( BUSINESS WIRE )вЂ“Nov. 10, 2004вЂ“JPMorgan Chase & Co. in addition to the nationwide Federation of Community developing Credit Unions have actually selected six credit unions in five states to create and develop choices to high-cost вЂњpaydayвЂќ loans for clients.
Beginning early the year that is following the financial institution 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 options, these customers are confronted by high costs and charges for loans as brief being fully a week or two.