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Six Credit Unions Selected to look for Payday Loan Alternatives

NEW YORK–( BUSINESS WIRE )–Nov. 10, 2004–JPMorgan Chase & Co. as well as the nationwide Federation of Community developing Credit Unions have actually selected six credit unions in five states to produce and develop options to high-cost “payday” loans for customers.

Beginning early the following year, the lender is going to work utilizing the credit unions in Ca, Illinois, Louisiana, ny and Ohio to greatly help low-income customers whom now utilize short-term loans to hold them over until their next paycheck. With few choices, these clients are confronted with high charges and prices for loans as short being a fourteen days.

” Through an approval that is rigorous, we selected these credit unions due to their strong records of enhancing the communities they provide,” stated Lewis Jones, president associated with J.P. Morgan Chase Foundation. “These brand brand new lovers is going to work difficult within the the following year to find practical options which will help consumers and their own families keep a lot more of their hard-earned cash.”

The funds totaling $225,000 is certainly going to (in alphabetical order):

ASI Federal Credit Union (Harahan, Los Angeles) $25,000 – ASI FCU serves individuals, families and companies from five parishes in Louisiana. Continue reading