Category Archives: Credit Unions

Credit Unions discuss payday loans

In an article title, “What if Payday Loans Go Away?”, Credit Unions discuss our industry. For example, Jim Blaine, CEO of the $18 billion State Employees’ Credit Union, headquartered in Raleigh, N.C., said he looks forward to the day when payday loans go away and that this may mean credit unions go back to doing […]

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Nevada Federal is Out Of Payday Loan Business

Nevada Federal had been offering a loan called AdvancePay, which charged an application fee up front. After receiving this letter from the National Credit Union Administration (NCUA) chairman, Michael Fryzel; Nevada Federal decided to stop offering their payday alternative product, even though they believed the product was cheaper than other alternatives. What I think happened […]

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Credit Unions competing with payday lenders

Credit Unions offering some type of payday loan alternative is nothing new. What I think is worth sharing are the comments left on this article titled N. Texas credit unions plan to compete with payday lenders. rgvcowboyfan wrote on 7/2/2009 4:21:43 PM:Credit unions do not lend you if you have had a tough financial time […]

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Florida credit union offering 18% installment loan

If you can make money at 18%, more power to you. Let’s not confuse a good intention with the actual result. I hope they make numbers available after a year. Family First Federal Credit Union has rolled out a new loan that will notdeny an applicant based on their credit score. The Credit Rebuilder loanamount […]

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Credit Union payday loan alternatives

It’s great that this credit union is offering a lower cost payday product. Let’s keep two things in mind: the money is being subsidized by a $20M investment by the state treasury. Also, 18% interest on $500 for 90 days is around $22. I don’t know where they get $42. They must be charging an […]

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