The truth about payday loan alternatives

I read about this in the PaydayLoanIndustryBlog and you can find the full text in American Banker titled “Study Cast Doubts on Payday Loan Initiatives.”

Here’s the conclusion:

“The survey evidence paints a negative picture of how consumers view credit union payday loans,” the report said. “Most payday borrowers indicate a strong preference for a less restrictive but high-price standard payday loan; very few prefer the credit union version of a payday loan. Borrowers’ distaste for the credit union payday loan is driven most strongly by credit unions’ shorter hours of operation, a lack of privacy conferred because credit union payday loans do not ‘keep my payday borrowing separate from my other banking, for personal reasons,’ and the fact that defaulting on a credit union payday loan harms one’s credit score.”

by admin

Bookmark the permalink.

Both comments and trackbacks are currently closed.