HARRISBURG, Pa. (7/17/12)--The Pennsylvania Credit Union Association (PCUA) presented its payday lending alternative program, Better Choice, last week at the Ford Foundation's Payday Loan Reform and Consumer Credit Innovation Convene at the Federal Reserve of Chicago.
Mike Wishnow, senior vice president, communications and marketing at the Pennsylvania Credit Union Association (PCUA) presents PCUA's Better Choice payday lending alternative to an invitation-only innovation convene at the Ford Foundation's Payday Loan Reform and Consumer Credit Innovation Convene in Chicago. (Photo provided by the Pennsylvania Credit Union Association)
Mike Wishnow, PCUA senior vice president, communications and marketing, discussed the program at the invitation-only convene (Life is a Highway
About 50 academicians, philanthropists and financial services providers attended the event, which was hosted by the Center for Financial Services Innovation, the Center for Responsible Lending, the National Federation of Community Development Credit Unions and Woodstock Institute.
"Pennsylvania's Better Choice program was very well-received," Wishnow said. "Members of the audience took note that it is possible to do small-dollar loans at a fair price while at the same
time [helping] consumers enter the mainstream through their financial institutions."
Since it launched in 2006, the program has issued 53,714 loans totaling nearly $26 million for members' short-term cash needs. PCUA said 79 credit unions across the commonwealth participate. When compared with traditional payday lending products, the program has saved borrowers more than $18 million, said PCUA.