PORTLAND, Ore. — After more than two years of plugging payday loan alternatives, Oregon credit unions found themselves in the limelight recently as the state's Democratic governor set up new vehicles to guide consumers to CUs for the products.
Making use of a Web site, a public service ad campaign and an 800-hotline, Gov. Ted Kulongoski suggested Oregon borrowers should make wider use of alternative products available at CUs rather than absorb 500% interest rates at the payday shops.
"We've made real progress protecting hard-working Oregonians from high cost payday loans," said the governor at a news briefing held in the offices of Unitus CU of Portland.
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