The National Federation of Community Development Credit Unionssaid it will unveil a new program Monday that will offer allow NewYork CDCUs to offer an alternative to the short-term, high-interest“payday” loans.
Dubbed “Borrow and Save”, the program will offer “small, non-predatory loans” along with a savings opportunity,the federation said.
The federation plans to unveil the program at a news conferenceMonday morning in New York City.
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