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Six Credit Unions Selected to Seek Payday Loan Alternatives

Six Credit Unions Selected to Seek 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 generate and develop alternatives to high-cost “payday” loans for customers.

Starting year that is early next the lender will be able to work aided by the credit unions in Ca, Illinois, Louisiana, nyc and Ohio to greatly help low-income customers 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.

” by way of a rigorous approval procedure, 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 lovers will continue to work difficult within the year that is next find practical options that will assist customers and their own families keep a lot more of their hard-earned cash.”

The funds totaling $225,000 goes 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 assist users pay back debts as high as $1,000 which are owed to predatory loan providers. Borrowers has as much as 18 months to cover straight right back these low-interest loans, at A apr that is fixed of 10 %.