Texas alternative
March 23, 2010 | Texas, alternatives, industry | Comments (0)We welcome the competition from these Texas credit unions:
The new product will be launched in participating credit unions on March 30, the league said, after the CUs have trained their staff in how to “sensitively” offer the product.
“Our goal is to keep more money in the hands of the borrower,” said Natasha Melugin, REAL Solutions program director for the Texas league. “Hundreds of payday, auto title and other small predatory lenders litter our streets, preying on financially distressed consumers. These ‘rescue’ loans intended to bailout the borrower in fact keeps them in a vicious debt-cycle.”
Unlike most payday loans available in Texas, the new loan products will carry a much lower interest rate at 18%. The loans will also offer a longer repayment term than other payday loans and require the borrowers to deposit 10% of the loan amount in a savings account.
Longer repayment and other requirements. Not exactly an apples-to-apples “alternative” but good luck to them.
Comments»
No comments yet.