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
IUSA TodayI cites CUs as way to avoid payday loan trap
NEW YORK (6/17/10)--Credit unions are among the ways consumers in a bind can raise cash fast and avoid the payday loan trap, says USA Today (June 15). "Many credit unions and community banks offer short-term loans with more favorable rates and terms than payday loans. For example, Alternatives FCU's Credit Builder Loan has an interest rate of 14.25%, no fees, and doesn't have to be repaid for six months," wrote the newspaper's personal finance columnist, Sandra Block. Lauren Saunders, attorney for the National Consumer Law Center, told Block that some banks and credit unions offer loans with competitive rates and terms that aren't widely advertised. If consumers in a bind can convince the credit union or bank there's a legitimate need and a realistic chance of paying off the loan, they may qualify--even with less than perfect credit--for a loan, Saunders told the newspaper. Other payday lending alternatives mentioned included tapping into 401(k)s , and obtaining credit card cash advances. Both have certain drawbacks, including higher fees and interest rates. To access the article, use the link.
Other Resources

RSS





print
News Now LiveWire
.@NACHAOnline report: ACH volume increases to 23B payments in 2014 http://t.co/va2WYMh4Zv
14 hours ago
.@CUNA's @HampelBill in @washingtonpost on options for wary mortgage borrowers: http://t.co/CPSgTNgwmm
19 hours ago
Housing starts thaw, mortgage rates stand pat #Market #NewsNow http://t.co/hhPj5v5AH3
20 hours ago
.@CUNA files #RBC2 comment, urges #CU system to be heard #NewsNow http://t.co/yfoZHAMlZc
20 hours ago
#NewsNow Youth Month attracts 100,000th member for Mich. CU http://t.co/cgF5o83XlK
21 hours ago