Better Choice Payday Loans Top $2.7 Million in Pennsylvania
HARRISBURG, Pa. -- Sixty-four Pennsylvania credit unions with 181 locations have now signed up for the 'Better Choice' payday alternative program with loan outstandings reaching $2.7 million, according to the Pennsylvania Credit Union Association.
A partner in the payday plan has been State Treasurer Robin L. Wiessmann, who again last week called the Better Choice product "an important loan" vehicle to aid financially strapped consumers.
"By making the Better Choice, consumers are not only receiving the short-term loan they need, but are also making an investment in their financial future," said Wiessmann.
The program, which began in October 2006, provides for $500 loans containing a savings feature. Of the participating credit unions, 50 made 5,706 loans totaling $2.7 million producing what PCUA says is "$2 million in savings in loan fees that would have gone to payday firms."
PCUA said it hopes to add at least another 35 CUs to Better Choice by year-end.