Bring it on
July 2, 2009 | Fort Worth Star-Telegram, Texas, alternatives, industry | Comments (0)Texas credit union join the short-term loan market. From the story:
Eight credit unions in North Texas said Wednesday that they plan to compete directly with payday lenders, who charge consumers 300 to 400 percent interest, by developing a loan at a fraction of that cost.
“We are in the very early stages of development, but what we do know is that the interest rate will be capped at 18 percent,” said Linda Webb-Mañon, a spokeswoman for the Dallas-based Texas Credit Union League. “That is the max. And when you consider what consumers pay at predatory lenders, it’s a good deal.”
Let’s wait to see what the actual terms (and applications fees) are.
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