TEMPE, Ariz. — The $1 billion Arizona State Credit Union won plaudits from Arizona State University last week for its "rescue" mission in offering 2.9%, six-month loans to hard-pressed college employees who lost pay following a payroll conversion.
"You could say our presence on all three campuses and our relationship with the university created a natural connection to create a loan solution for employees facing a missed paycheck," explained Paul Stull, senior vice president of Arizona State of Glendale.
More than 50 of the loans have been extended so far since the university announced its conversion plan last month to switch from bi-weekly to weekly. What followed was what administrators called "computer glitches" causing financial hardship and negative press.
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