Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Harrisburg Patriot-News Endorses PCUA's Better Choice Program
HARRISBURG, Pa. (7/9/13)--The savings plan that credit unions offer as part of the Credit Union Better Choice program in Pennsylvania was endorsed Friday in an editorial by the Harrisburg (Pa.) Patriot-News Editorial Board.

"Credit unions, working with the state, offer struggling Pennsylvanians short-term loans with more affordable interest rates and longer payback times," said the editorial. "The loans include a savings plan to help the borrowers build up a financial cushion. That way, they won't get locked into repeatedly taking out those expensive short-term emergency loans.

"Instead of letting legal loan sharks set up shop in Pennsylvania, the legislature should be trying to make the credit unions' responsible, short-term lending alternative available to every Pennsylvanian who might need it," the editorial  added.

The Pennsylvania Credit Union Association's Better Choice Program offers a payday loan alternative that includes financial counseling and required saving with a lower-cost, short-term loan. More than 70 credit unions in the state offer 90-day loans with a $500 limit. Since the program began in 2006, it has loaned more than 64,000 short-term loans--totaling $32 million--to credit union members (News Now June 5).
 
The program has saved borrowers more than $23 million over using a traditional payday lending product, said PCUA.   
 
To read the editorial, use the link.
RSS





print
News Now LiveWire
Final field-of-membership rule tops April 30 NCUA agenda http://t.co/gFIhRhUCts
9 hours ago
.@CUNA's @Nussle speaks to @VonnieQuinn about #StoptheDataBreaches and reg. relief. http://t.co/TMTubG9Afk
11 hours ago
RT @NCUFoundation: .The Foundation's @hylandhighway with @NatlJumpStart President/CEO Laura Levine at #FLHillDay2015 today: http://t.co/ep5…
13 hours ago
Seriously underwater homes rise, new-home sales tumble News Now: http://t.co/2LzWTkqnES
13 hours ago
#NewsNow Cornerstone Foundation awards $71K in grants http://t.co/Y6D8K9rwWv
15 hours ago