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Six Credit Unions Selected to Seek Payday Loan Alternatives

Six Credit Unions Selected to Seek Payday Loan Alternatives

NEW YORK–( COMPANY WIRE )–Nov. 10, 2004–JPMorgan Chase & Co. and also the nationwide Federation of Community developing Credit Unions have actually selected six credit unions in five states to generate and develop options to high-cost “payday” loans for customers.

Beginning early the following year, the lender is going to work with all the credit unions in California, Illinois, Louisiana, ny and Ohio to aid low-income customers whom now utilize short-term loans to hold them over until their next paycheck. These customers are faced with high fees and rates for loans as short as a week or two with few choices.