Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
ISt. Louis Post-DispatchI CUs a payday loan option
ST. LOUIS (2/23/10)--Credit unions offer consumers a viable option to high-interest-rate payday loans, the St. Louis Post-Dispatch said Sunday. “Several area banks and credit unions have developed short-term, low-dollar loan products to compete with the payday lenders,” wrote Post-Dispatch columnist Mathhew Hathaway. “These loans--sometimes described as unsecured, revolving lines of credit or even ‘enhanced’ overdraft protection--aren’t cheap, but they’re a much better buy than the payday loans.” Financial institutions have difficulty contacting consumers considering a payday loan--often due to money mismanagement or a financial setback--but there’s a need for this type of loan product, Eric Acree, executive vice president of Vantage CU in Bridgeton, Mo., told the paper. “There’s probably some embarrassment, so they might not want to talk to us,” Acree added. “But they need to sit down with someone at their bank or credit union and talk about what else is available to them.” To read the column, use the link.
Other Resources

RSS print
News Now LiveWire
#creditunions emphasize co-op principles during National Co-op Month #NewsNow http://t.co/zEb9UFot1N
5 hours ago
Servicemember's spouse drives away with Bank on More's SUV thanks to #missouri #creditunions http://t.co/WvTrKxh0sV
6 hours ago
From @FHFA this a.m.: U.S. house prices up 0.5% in Aug. on seasonally adjusted basis from previous month. More here: http://t.co/1yVDOPggeX
7 hours ago
@TheNCUA open meeting is slated to start at 10 a.m. ET. Should be a quick one. #NewsNow http://t.co/rfYjnat7eI
8 hours ago
Mass. CUs in unanimous vote joined RI and NH CUs in approving merger of the 3 state leagues 2 form the Cooperative Credit Union Association.
8 hours ago