Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Montana group Expand CU payday-loan pilots
HELENA, Mont. (2/25/10)--Credit unions piloting short-term loans are supported by an anti-payday lending coalition in Montana. The coalition, calling itself "400% is Too High," has proposed an initiative to cap the annual interest rates of payday loans to 36%. It aims to put high-interest payday lending and title loans on the state's election ballot. Tom Jacobson, executive director of Rural Dynamics, a nonprofit consumer education organization backing the initiative, described the predicament many borrowers find themselves in once they've gone to a payday lender (Public News Service February). There's no doubt families struggling to make ends meet need access to small loans, which is why pilot short-term programs at credit unions could be expanded, he added. He noted the loans are offered at 18% and have other benefits. "And we can actually start getting them [borrowers] the financial counseling, the financial education, and start building them towards economic independence rather than keeping them trapped," he said. The organization has garnered support from a number of groups such as AARP Montana and the Center for Responsible Lending.


RSS





print
News Now LiveWire
16.9% of U.S. homeowners underwater, down from peak 31.4% in 2012, reports @zillow http://t.co/EbILqY1HMz
2 hours ago
Breaking at #NewsNow: President Obama signs IOLTA bill into law. http://t.co/5N741Bygmn
3 hours ago
.@edmunds says the week between Christmas and New Year's is the busiest car shopping time of the year.
4 hours ago
.@CFPB sues Sprint for cramming 3rd-party service fees onto consumers' bills http://t.co/mhlMWqLKku
4 hours ago
#HomeDepot #databreach lawsuits consolidated in Georgia http://t.co/A4bei5z0mV
5 hours ago