Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Harrisburg Patriot-News Endorses PCUA's Better Choice Program
HARRISBURG, Pa. (7/9/13)--The savings plan that credit unions offer as part of the Credit Union Better Choice program in Pennsylvania was endorsed Friday in an editorial by the Harrisburg (Pa.) Patriot-News Editorial Board.

"Credit unions, working with the state, offer struggling Pennsylvanians short-term loans with more affordable interest rates and longer payback times," said the editorial. "The loans include a savings plan to help the borrowers build up a financial cushion. That way, they won't get locked into repeatedly taking out those expensive short-term emergency loans.

"Instead of letting legal loan sharks set up shop in Pennsylvania, the legislature should be trying to make the credit unions' responsible, short-term lending alternative available to every Pennsylvanian who might need it," the editorial  added.

The Pennsylvania Credit Union Association's Better Choice Program offers a payday loan alternative that includes financial counseling and required saving with a lower-cost, short-term loan. More than 70 credit unions in the state offer 90-day loans with a $500 limit. Since the program began in 2006, it has loaned more than 64,000 short-term loans--totaling $32 million--to credit union members (News Now June 5).
 
The program has saved borrowers more than $23 million over using a traditional payday lending product, said PCUA.   
 
To read the editorial, use the link.
RSS print
News Now LiveWire
#Iowa Housing Authority honors #creditunion's mortgage commitment #NewsNow http://t.co/97me6ziPFa
7 hours ago
Adams to Zimmerman: Don't let your name define your financial decisions via @ndn http://t.co/kPVgQaDFNo
10 hours ago
Calif. ride-sharing law protects #creditunion collateral #NewsNow #System http://t.co/kXAAmbQgKO
11 hours ago
New offices mean moving sale at @TheKCUA https://t.co/xaof5SJkmE
12 hours ago
Existing-home sales slump in August as cash purchases decline @REALTORS
13 hours ago