http://paydaypundit.org/2008/04/10/%e2%80%9cwe-didn%e2%80%99t-make-any-money-on-it%e2%80%9d-says-credit-union/ News and Information About The Payday Lending Industry Tue, 15 Jun 2010 10:29:51 -0700 http://wordpress.org/?v=2.9 hourly 1 http://paydaypundit.org/2008/04/10/%e2%80%9cwe-didn%e2%80%99t-make-any-money-on-it%e2%80%9d-says-credit-union/comment-page-1/#comment-2 Wednesday's Child Fri, 18 Apr 2008 14:59:50 +0000 http://paydaypundit.org/?p=111#comment-2 A massive credit union in Utah has kicked off a "payday loan" alternative. Instead of calling it payday light, they call it an Access Loan. Here is a link the fees page: http://www.afcuaccessloan.com/Fees.php How is it that the "participation fee" America First Credit Union charges is not considered part of the APR? When I do the math on their $100 loan the APR comes out to 381%. Interesting they call themselves a cheaper alternative to payday lending. Why is they can hide behind terms like "participation fee?" A massive credit union in Utah has kicked off a “payday loan” alternative. Instead of calling it payday light, they call it an Access Loan. Here is a link the fees page: http://www.afcuaccessloan.com/Fees.php
How is it that the “participation fee” America First Credit Union charges is not considered part of the APR? When I do the math on their $100 loan the APR comes out to 381%. Interesting they call themselves a cheaper alternative to payday lending. Why is they can hide behind terms like “participation fee?”

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