HARRISBURG, Pa. — Based on media reports, pawnbrokers, check cashers and payday lenders are flourishing in the rough economy, the Pennsylvania Credit Union Association noted Monday in its member newsletter.
Reminding its members to promote its own alternative payday product, Better Choice, the PCUA quoting an article in The Allentown Call Leader said business for the payday/check cashing group is up more than 50% from a year ago.
"The harsh reality is that many of their customers are YOUR members. Want proof? Review your ACH reports for reoccurring transactions from payday lenders," warned the PCUA in its daily e-newsletter, "Life is a Highway."
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To counter payday lending, the association said it offers the Credit Union Better Choice program. "To date, 71 credit unions are participating. In 2007, these credit unions saved their members nearly $2 million dollars by keeping them away from payday lenders," the newsletter concluded.
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