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Six Credit Unions Selected to look for Payday Loan Alternatives December 2, 2020

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Six Credit Unions Selected to look for Payday Loan Alternatives

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

Beginning year that is early next the lender will continue to work with all the credit unions in Ca, Illinois, Louisiana, nyc and Ohio to assist 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.

” by way of a rigorous approval procedure, we selected these credit unions due to their strong documents of enhancing the communities they serve,” stated Lewis Jones, president associated with the J.P. Morgan Chase Foundation. “These brand new lovers is going to work hard throughout the year that is next find practical options that can help customers and their own families keep a lot more of their hard-earned cash.”

The funds totaling $225,000 is certainly going to (in alphabetical purchase):

ASI Federal Credit Union (Harahan, Los Angeles) $25,000 – ASI FCU serves people, families and businesses from five parishes in Louisiana. The credit union shall introduce “APPLE” consolidation loans to greatly help users repay debts as high as $1,000 which are owed to predatory lenders. (more…)

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