GALLUP, N.M. — The $303 million First Financial Credit Union, headquartered in Albuquerque, is working on a payday loan alternative product which it will roll out in October, according to a story in the Gallup Independent.
The paper quoted Ben Heyward, CEO of the CU, as being reluctant to discuss program details before the product is made available. But he admitted that the program would offer short-term, smaller loans at a reasonable percentage rate and will include a savings plan as well as the opportunity to improve credit history.
The paper found Heyward flipping burgers at the grand opening of First Financial's second branch in Gallup.
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