“We didn’t make any money on it” says credit union
April 10, 2008 | South Carolina, The Herald (SC), alternatives, industry, media coverage, states | Comments (1)Can you guess what the IT is? Their short-term payday loan “alternative” of course. The Herald Newspaper of South Carolina discusses the Family Trust Federal Credit Union’s experience with short-term loans briefly in this story.
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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?”