CHICAGO — Credit union efforts to provide alternative products to payday loans again received conditional praise this week when an Oct. 15 story on National Public Radio's Morning Edition program highlighted one CU's effort.
The piece described the efforts of the $7.1 million North Side Community Federal Credit Union to help its members get out of the payday loan trap but included the comments of a researcher with the Center for Responsible Lending, an affiliate of the $291 million Self-Help Credit Union, headquartered in Durham, North Carolina.
"There are some credit union products out there where they lowered the interest rate," the piece quoted Leslie Parish, a researcher for the Center as saying. "They still make the loan due in two short weeks, which causes people to continually take out loans just like they did with the payday lender."
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.
