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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 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.

Borrowers must:

Tonya Knudesn

Credit Union Times

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