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 additional fee on the loan.
They also do not say who qualifies for the loan. This is an important part of the story.
Here is the full article from Pittsburgh Channel 4.
