COLUMBIA, Md. – One credit union league, Maryland/D.C., has already signed up and another, Wisconsin, looks ready to jump on the StretchPay bandwagon in offering a payday loan alternative through an Ohio CUSO.
The Maryland/D.C. Credit Union Association said last week it will "roll out" the Ohio product to its members within the next two weeks with a handful already making the commitment by a program buy-in.
The program offering low rate small loans was put together by Dayton, Ohio CUs guided by Filene Research Institute under its Real Solutions Low Wealth Households venture.
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Meanwhile, the Wisconsin Credit Union League said it is doing "due diligence" on the Ohio program now with interest expressed in a StretchPay startup by at least two Wisconsin CUs.
"We have been talking to the Ohio League and we hope to make some decisions within 30 days on how and whether to make it available," said James Drogue, vice president of operations for the league.
He noted there are at least three payday alternative products on the market in Wisconsin including the GoodMoney venture offered through Goodwill Industries and Prospera CU of Appleton, another by Brewery CU in Milwaukee and a third by Summit CU of Madison. [email protected]
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