ROCK HILL, S.C. — Debuting what is being called an innovative approach to payday products, the $200 million Family Trust Federal Credit Union has rolled out "Lifeline Advance" loans incorporating both a savings feature and a $35 program fee.
The pre-approved product with a $500 limit is already garnering buzz from the media and lawmakers who applaud the South Carolina CU for pushing ahead with a payday alternative at a time neighboring North Carolina and Georgia are shutting down or crimping operations of the payday shops.
"What we've done is to borrow from both State Employees in North Carolina and from Wright Patt in Ohio to come up with a product that is break-even and meets needs of payday borrowers," explained Lee Gardner, president/CEO.
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