HARRISBURG, Pa. — In light of a court ruling in favor of consumers victimized by predatory payday lenders in the state, Pennsylvania State Treasurer Robin L. Wiessmann highlighted the Pennsylvania Credit Union Association's Better Choice payday lending alternative.
"The decision by Commonwealth Court sends a strong message to payday lending businesses that consumers needing short-term loans should not be open to financial exploitation," Wiessmann said. "Treasury and the Credit Union Association recognize the demand for these types of loans to address short-term financial needs and we encourage Pennsylvanians to consider Better Choice as an alternative to a vicious predatory loan cycle."
The program was a collaborative effort between the Pennsylvania Treasury Department and PCUA. Fifty-four Pennsylvania credit unions with 162 branches throughout the state currently participate in the program.
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"Pennsylvania credit unions are proud to partner with the State Treasurer to provide a lower-cost alternative to predator payday lenders to help Pennsylvania consumers become more financially savvy and begin to build wealth," PCUA President/CEO Jim McCormack said.
Better Choice loans are not only a more affordable option but also provide financial counseling through participating credit unions; an automatic deposit of 10% of the loan amount into an interest bearing savings account to help the borrower build a financial reserve; varying loan repayment schedules; a 90-day repayment term; and fixed and low interest rates and application fees.
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