ARLINGTON, Va. — Are the majority of credit unions already offering their members, in effect, the low-dollar, short-term loans which have generally characterized payday lending?
Almost 82% of state chartered CUs offer their members unsecured, low dollar loans, according to the NASCUS survey of state chartered credit unions the organization released yesterday.
The survey reported that 81.51% of the representative sample of state chartered credit unions offer their members unsecured loans of less than $500 and almost 96% of surveyed CUs offer unsecured loans of less than $1,000. This at a time when the CU industry overall has mounted a significant push to help CUs offer their members loans which are explicitly identified as a payday loan alternative products.
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