Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Chesterfield FCU offers short-term holiday loans
CHESTERFIELD, Va. (11/3/10)--Chesterfield FCU will counter payday loans by repeating its Holiday Help Loan program for members during the 2010 holiday season. The small, short-term loans are available to members employed by the same employer or receiving retirement or disability benefits for at least two years. Loan amounts range from $300 to $1,000 for terms of four to nine months. A typical payday loan charges $114 in fees for a 14-day loan of $500, or the equivalent of 584% annual percentage rate (APR). Chesterfield’s APR for a $500 loan is 17.95% for a member with at least five years of consecutive employment. Monthly payments for this loan would be $87.82, with total interest charges of $26.54. The Holiday Help program will run from Nov. 15 to Dec. 31, with Chesterfield FCU setting aside $150,000 to fund the loans. Last year, 223 members took advantage of a Holiday Help Loan to save $16,500 in payday loan fees.


RSS





print
News Now LiveWire
CUNA: CUNA offices closed through Friday, News Now returns Monday http://t.co/a5xbLzQKDj
12 24 ago
Reminder: @CUNA's Madison, D.C. offices will be closed through Friday, open again on Monday. #NewsNow will publish Monday.
12 23 ago
MI dentist to match @CUDirect's $20K to @HurleyMedical as a result of #20for20 online voting http://t.co/hqmIc9LpK1 @CMNHospitals
12 23 ago
New #creditunion chartered in St. Louis - #LutheranFCU - by @TheNCUA http://t.co/faPfANGS0P. Only 3rd new FCU charter this year.
12 23 ago
Don't get hacked during the holidays-use these tips from @CUNA http://t.co/jEqxni6NhO #StoptheDataBreaches http://t.co/woIxPOIyys
12 23 ago