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. as well as 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 using the credit unions in Ca, Illinois, Louisiana, ny and Ohio to greatly help low-income customers whom now use 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 a rigorous approval procedure, we selected these credit unions for their strong records of payday loans Plainfield improving the communities they provide,” stated Lewis Jones, president of this J.P. Read More