Six Credit Unions Selected to look for Payday Loan Alternatives

Six Credit Unions Selected to look for Payday Loan Alternatives

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

Beginning early the following year, the lender will continue to work with all the credit unions in Ca, Illinois, Louisiana, nyc and Ohio to aid low-income customers whom now utilize short-term loans to transport them over until their next paycheck. With few alternatives, these clients are confronted with high fees and prices for loans as short being a 14 days.

” Through an approval that is rigorous, we selected these credit unions due to their strong documents of enhancing the communities they provide,” stated Lewis Jones, president associated with the J.P. Morgan Chase Foundation. “These brand new lovers will be able to work difficult on the year that is next find practical alternatives that can help customers and their own families keep a lot more of their hard-earned cash.”

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