According to this news release, the Family First Credit Union in Urem, Utah has an “alternative” to payday lending.  As we’ve said before, it’s hard to do an “apples-to-apples” comparison to payday loans because the terms of these so-called “alternatives” are so different.   Here are the terms for this product:

• 30-day repayment term
• Flexible payment plans
• $10 participation fee per $100 loaned
• $100 minimum loan
• $300 maximum loan for first-time borrowers; $700 for return borrowers
• 18 percent annual percentage rate

So it’s $10 plus 18% for every $100.  And it’s a 30-day loan.   I guess we’ll let the consumers decide if that’s a good “alternative.”