The Filene Research Institute and the FINRA Investor Education Foundation began distributing free resources to help credit unions set up small-loan programs with employers to help workers avoid payday lenders.
The implementation and marketing materials are part of a campaign to ramp up the Employer-Sponsored Small-Dollar Loan (ESSDL) program to credit unions nationwide.
The loans are designed to allow workers to get up to $2,000 in cash, often the same day that they apply. Eligibility doesn't depend on credit scores, but instead on the credit union's assessment of the worker's ability to pay.
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