NEW YORK ( COMPANY WIRE )–Nov. 10, 2004–JPMorgan Chase & Co. together with National Federation of Community Development 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 aided by the credit unions in Ca, Illinois, Louisiana, ny and Ohio to simply help low-income customers whom now utilize short-term loans to transport them over until their next paycheck. With few alternatives, these customers are confronted with high costs and rates for loans as short being a fortnight.
” by way of an approval that is rigorous, we selected these credit unions due to their strong documents of enhancing the communities they provide,” stated Lewis Jones, president associated with the J.P. Morgan Chase Foundation. “These brand brand new partners will continue to work difficult within the year that is next find practical options that will assist customers and their own families keep a lot more of their hard-earned cash.”
The funds totaling $225,000 goes to (in alphabetical purchase):
ASI Federal Credit Union (Harahan, Los Angeles) $25,000 – ASI FCU serves people, families and organizations from five parishes in Louisiana. The credit union shall introduce “APPLE” consolidation loans to assist people repay debts all the way to $1,000 which are owed to predatory loan providers. Borrowers may have as much as 18 months to pay for straight back these low-interest loans, at a fixed apr of only 10 %. ASI could also be helpful their people develop assets while paying down their loan; a percentage of each APPLE loan payment will soon be positioned in an innovative new checking account, to assist the user through future emergencies. Borrowers Rogue River payday advances will also be asked to pledge to not borrow cash from any payday or predatory lenders for the timeframe of these APPLE loan. Continue reading “Six Credit Unions Selected to Seek Payday Loan Alternatives”