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. together with 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 financial institution will be able to work utilizing the credit unions in California, Illinois, Louisiana, nyc and Ohio to help low-income customers whom now utilize short-term loans to hold them over until their next paycheck. With few choices, these clients are confronted with high costs and prices for loans as short as a fortnight.

” by way of an https://cashnetusaapplynow.com/payday-loans-tx/freer/ approval that is rigorous, we selected these credit unions for their strong records of enhancing the communities they provide,” stated Lewis Jones, president associated with the J.P. Morgan Chase Foundation. “These brand brand new lovers will be able to work difficult within the year that is next find practical options that will assist consumers and their own families keep a lot more of their hard-earned cash.”

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