Is this a good alternative?
April 15, 2009 | Alexandria Gazette, Arkansas, alternatives, industry, media coverage, personal finance, positive media coverage, states | Comments (0)Hard to tell. From the Las Vegas Review Journal:
Community One Federal Credit Union offers a similar program to help members who have borrowed from payday lenders. Community One offers 30-day loans for $300, $500 and $700 with a fee of $15 per $100 loaned and an 18 percent annual interest rate, or about 1.5 percent for the 30-day loan period.
About 2 percent of Community One’s 21,000 members take out a PayDayCHOICE loan occasionally, said Jerrold Rosen, vice president of marketing.
To qualify, a member must have $1,000 in monthly income, must have been employed continuously over the past six months and be 18 or older. The program is available to individuals with direct deposit of checks after 30 days of membership.
To get an AdvancPay loan from Nevada Federal, the borrower must be employed and must not be in default on an existing payday loan. The credit union doesn’t do a credit check.
It’s a 30-day loan with both fees and interest so the Payday Pundit is having trouble doing an apples-to-apples comparison in his head. Maybe I haven’t had enough caffeine yet.
Comments»
No comments yet.