TUCSON, Ariz. — In a novel twist to payday lending, a Phoenix credit union, the $1.1 billion Arizona State, has agreed to a partnering pact with a Tucson health care employer to help its workers "break the debt cycle" to payday shops.
The "FlexCash" package with a $750 maximum line is slated for launch next week at the University Medical Center Foundation, a nonprofit with close ties to the University of Arizona and a health care complex employing 3,300.
"We're very glad the credit union was willing to take on the risk and work with us to take on these kinds of loans," explained Kent Rollins, foundation president, citing serious problems of employees overextending an existing "Emergency Assistance" loan program offered by the foundation.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
