Six Credit Unions Selected to look for Payday Loan Alternatives
NEW YORK–( COMPANY WIRE )–Nov. 10, 2004–JPMorgan Chase & Co. additionally the nationwide Federation of Community developing Credit Unions have actually selected six credit unions in five states to produce and develop alternatives to high-cost «payday» loans for customers.
Beginning year that is early next the lender is going to work with all the credit unions in Ca, Illinois, Louisiana, ny and Ohio to simply help low-income customers who 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.
» Through a rigorous approval procedure, we selected these credit unions due to their strong documents of enhancing the communities they provide,» stated Lewis Jones, president associated with J.P. Morgan Chase Foundation. «These brand new lovers will be able to work difficult throughout the the following year to find practical options that can help customers and their own families keep a lot more of their hard-earned cash.»
The funds totaling $225,000 is certainly going to (in alphabetical purchase):
ASI Federal Credit Union (Harahan, Los Angeles) $25,000 – ASI FCU serves people, families and companies from five parishes in Louisiana. The credit union will introduce «APPLE» consolidation loans to simply help users pay back debts as much as $1,000 which can be owed to predatory loan providers. Borrowers may have around 1 . 5 years to cover straight right back these low-interest loans, at A apr that is fixed of ten percent. ASI could also be helpful their people develop assets while paying down their loan; a percentage of each APPLE loan payment may be put into an innovative new family savings, to aid the user through future emergencies. (más…)