DALLAS (6/19/08)--It’s time to give credit unions the credit they deserve as payday loan solutions, wrote Rita L. Haynes, CEO, Faith Community United CU, in an opinion piece published Monday in The Dallas Morning News. Last week, legislators approved legislation to limit the predatory practices of payday lenders in Ohio. Payday lenders argue that the poor won’t have anywhere else to obtain short-term loans, Haynes said. However, credit unions are a healthy alternative to payday lending, she wrote. Those with community development financial institution status, like Faith Community, can provide the low-wealth individuals with short-term loans. Credit unions are prudent, but do take measured risks to help those in need, Haynes added. “We teach someone how to plan and save and become a good credit risk,” she wrote. “We provide financial education and personalized advice.” Haynes’ credit union recently created a “Grace Loan” program, which provides short-term loans that banks normally do not provide. “We require that the borrowers save a portion of what they would have given to the payday lender in fees, thus teaching them good financial habits and helping build a credit history for their goals,” she wrote.