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Six Credit Unions Selected to Seek Payday Loan Alternatives

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

Beginning early the following year, the financial institution is going to work with all the credit unions in Ca, Illinois, Louisiana, ny and Ohio to greatly help low-income consumers whom now utilize short-term loans to hold them over until their next paycheck. With few alternatives, these clients are confronted with high fees and rates for loans as short as a fourteen days.

” 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 associated with the J.P. Morgan Chase Foundation. “These brand new partners works hard throughout the the following year to find practical options that can help customers and their own families keep a lot more of their hard-earned cash.”

The grants totaling $225,000 goes to (in alphabetical purchase):

ASI Federal Credit Union (Harahan, Los Angeles) $25,000 – ASI FCU serves people, families and companies from five parishes in Louisiana. The credit union shall introduce “APPLE” consolidation loans to greatly help people pay back debts all the way to $1,000 which can be owed to predatory loan providers. Borrowers may have around eighteen months to cover right straight right back these low-interest loans, at a set apr of just 10 %. ASI could also be helpful their people develop assets while paying down their loan; a percentage of each loan that is APPLE may be put in an innovative new checking account, to simply help the user through future emergencies. Borrowers will also be asked to pledge never to borrow cash from any payday or predatory lenders for the length of these APPLE loan.

Bethex Federal Credit Union (Bronx, NY) $25,000 – For 34 years, Bethex FCU has offered communities into the Southern Bronx, where there are many check cashers borough-wide than some other services that are financial. Okumaya devam et