GALLUP, N.M. — The $303 million First Financial Credit Union,headquartered in Albuquerque, is working on a payday loanalternative product which it will roll out in October, according toa story in the Gallup Independent.

The paper quoted Ben Heyward, CEO of the CU, as being reluctantto discuss program details before the product is made available.But he admitted that the program would offer short-term, smallerloans at a reasonable percentage rate and will include a savingsplan as well as the opportunity to improve credit history.

The paper found Heyward flipping burgers at the grand opening ofFirst Financial's second branch in Gallup.

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