Remember the days when headlines didn’t have a reporter’s slant? MSN Money picked up on reports surrounding credit unions offering short-term loans. Only their story had a subhead that makes you wonder if the piece should’ve been labeled as an op-ed?

Not all short-term loans from credit unions are created equal. Some are nearly as predatory as the loans from the corner check-cashing place.

Oh and by the way, when you say “payday loan folks have taken note,” we wonder if maybe you should’ve cited our opinion versus assuming that one blog speaks for the whole industry.

Also, when you do the APR on your scenario below, did you know it comes out to 109.9 percent (scenario: $300 loan, 1 month, 28 percent interest rate, plus fees). Even at their scenario, it’s still a triple-digit APR. Credit unions aren’t after making a profit to sustain their business. The pricing structure of a payday advance is reasonable based on the lenders costs to deliver the service. Thought maybe those points could’ve been put in the story:

These short-term, small amount loans, or “STS loans,” have a higher interest rate (28%) than your typical credit union loan, with limits on the term (one to six months), amount ($200 to $1,000) and fees. The cost for applying is $20, presented as a reasonable charge to cover the processing costs. Credit union members – the only people eligible for them — can’t get more than three of these loans in six months.