Six Credit Unions Selected to look for Payday Loan Alternatives
NEW YORK–( COMPANY WIRE )–Nov. 10, 2004–JPMorgan Chase & Co. plus the nationwide Federation of Community developing Credit Unions have actually selected six credit unions in five states to generate and develop options to high-cost “payday” loans for customers.
Beginning year that is early next the lender will continue to work because of the credit unions in Ca, Illinois, Louisiana, nyc and Ohio to greatly help low-income customers whom now utilize short-term loans to hold them over until their next paycheck. These customers are faced with high fees and rates for loans as short as a week or two with few choices.
” Through an approval that is rigorous, we selected these credit unions due to their strong records of enhancing the communities they provide,” stated Lewis Jones, president associated with the J.P. Morgan Chase Foundation. “These brand brand new lovers will continue to work difficult on the next year to find practical options that can help customers and their own families keep a lot more of their hard-earned cash.”
