TUCSON, Ariz. — Adopting a novel approach to payday lending, the $1.1 billion Arizona State Credit Union is partnering with a Tucson health care employer to help its workers "break the debt cycle" to payday shops.
"This is kind of a new idea in which one employer has come to us for assistance," explained Paul Stull, senior vice president-marketing at Arizona State which plans to offer $750 "FlexCash" loans to workers at University Medical Center Foundation Aug. 1.
The foundation, a nonprofit with close ties to the University of Arizona and a medical complex employing 3,300, approached the CU earlier this year about employees getting into difficulty using payday firms and overextending loans on an in-house "Emergency Assistance" program.
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