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. plus the nationwide Federation of Community Development 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 financial institution will be able to work using the credit unions in Ca, Illinois, Louisiana, nyc and Ohio to greatly help low-income customers whom now utilize 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 for their strong documents of enhancing the communities they provide,” said Lewis Jones, president of this J.P. Morgan Chase Foundation. “These brand brand new partners will continue to work hard over the the following year to find practical alternatives which will help 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 assist people pay back debts as high as $1,000 which can be owed to predatory loan providers. (more…)

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