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Confused about credit union alternatives in Nevada

April 15, 2009 | alternatives, industry | Comments (1)

An article in the Las Vegas Review Journal criticizes payday lenders and applauds credit unions for offering payday loan alternatives.

“The problem with payday loans is that every payday you’re broke again,” said Brad Beal, president of Nevada Federal. “It’s a vicious cycle.”

In comparison, for-profit payday lenders in Nevada typically charge $15 to $17 per $100.  While payday lenders are happy to compete for business, why do these alternatives deserve applause?

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Comments»

1. J - April 15, 2009

These sound like good alternatives. Competition is the best regulator.