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Pennsylvania Credit Unions Provide Payday Lending Alternative. By Keith L. Rolland, Community Developing Advisor

Pennsylvania Credit Unions Provide Payday Lending Alternative. By Keith L. Rolland, Community Developing Advisor

Cash-advance companies, also called payday loan providers, offer loans to consumers that are working require instant money before they get their next paycheck. Customers give a check that is post-dated electronic bank account information as security when it comes to loan. At a payday lender, the yearly portion price (APR) of great interest for the 14-day advance of $100 or $200 may be 460 per cent.

The PCUA created Credit Union Better preference (CUBC) and offered it to its user credit unions, which may have the option of supplying it to present as well as other members that are eligible.