HARRISBURG, PA — Credit unions in Pennsylvania have steadily been offering more Keystone State consumers an alternative to payday loans, according to the Pennsylvania Credit Union Association.
The association, in conjunction with the Pennsylvania Treasury Department, launched the loan program in October 2006 and the association reported that 73 credit unions across the state, with 198 locations, have started offering the loans.
According to the Association and the Treasury, 66 of the 73 have made almost 9,500 of the loans for a total of $4.47 million in volume and that in doing so they have saved Pennsylvania consumers more than $3.2 million in fees.
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