Six Credit Unions Selected to look for 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 generate and develop options to high-cost “payday” loans for customers.

Starting year that is early next the lender will be able to work utilizing the credit unions in Ca, Illinois, Louisiana, ny and Ohio to simply help 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 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 brand new lovers is going to work hard throughout the the following year to find practical options which will help customers and their own families keep a lot more of their hard-earned money.”

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

ASI Federal Credit Union (Harahan, Los Angeles) $25,000 – ASI FCU serves people, families and organizations from five parishes in Louisiana. Leia o resto deste post »