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CU System
BBB includes Better Choice as option to payday lending
HARRISBURG, Pa. (4/12/10)--The Better Business Bureau of Western Pennsylvania listed Credit Union Better Choice as an option to payday lending, according to the Pennsylvania Credit Union Association (PCUA). The bureau had issued a press release warning consumers about online payday lenders who claim they are not required to follow state or federal laws regarding licensing requirements, debt collection practices or interest rate caps (Life is a Highway April 9). PCUA provided information to the bureau about Credit Union Better Choice, where credit unions have issued more than 28,000 short-term loans totaling more than $13.4 million since 2006. Members saved nearly $10 million dollars by using the program instead of a traditional payday lending product (News Now March 3).
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