Six Credit Unions Selected to Seek Payday Loan Alternatives

Six Credit Unions Selected to Seek Payday Loan Alternatives

NEW YORK–( COMPANY WIRE )–Nov. 10, 2004–JPMorgan Chase & Co. together with nationwide Federation of Community developing Credit Unions have selected six credit unions in five states to produce and develop options to high-cost “payday” loans for customers.

Beginning year that is early next the lender will continue to work with all the credit unions in California, Illinois, Louisiana, ny and Ohio to aid 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 for their strong documents of enhancing the communities they provide,” stated Lewis Jones, president regarding the J.P. Read more