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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. additionally the nationwide find out this here 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 consumers.

Beginning year that is early next the lender will continue to work aided by the credit unions in Ca, Illinois, Louisiana, ny and Ohio to aid low-income consumers whom now use 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.

” by way of a rigorous approval procedure, we selected these credit unions for their strong documents of enhancing the communities they provide,” stated Lewis Jones, president of this J.P. Morgan Chase Foundation. “These brand new lovers will be able to work difficult within the the following year to find practical alternatives which will help customers and their own families keep a lot more of their hard-earned cash.”