Are credit unions really able to offer short term, low dollar value loans meant to compete with payday lenders?
A new study from a researcher at the University of California Davis suggests that only 6% of credit unions in the U.S. offer short term, low dollar amount loans meant to compete with payday lenders.
Victor Stango, an economic researcher and graduate student at the school's Graduate School of Management wrote in "Are Credit Unions Viable Providers of Short-term Credit," that many credit unions doubt they can offer these loans profitably.
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