Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
IWashington PostI on advance-fee loans Join a CU
WASHINGTON (8/26/08)--A Kiplinger's Personal Finance columnist writing in the Washington Post Sunday about advance-fee loans cites credit unions as a way to avoid those fees. Military personnel, often susceptible to exorbitant fees from payday lenders, are now being targeted with so-called advance-fee loans. Because military personnel are often young and transient, when they apply for a loan, they are told they are credit risks. The lender asks them to pay $900 to $1,800 or more upfront before getting the loan. Then the money disappears. The article cited advice from the Better Business Bureau Military Line, which noted two things a borrower can do to avoid advance-fee loans. One of them was "Join a credit union. Credit unions on base often offer short-term loans at competitive interest rates." The other was to get a zero-interest loan through a military emergency relief fund.
Other Resources

RSS print
News Now LiveWire
NCUA confirmed earlier indications that there would be no National Credit Union Share Insurance Fund premium for 2014.
14 hours ago
.@NJCUL supported prized-linked savings legislation introduced in New Jersey state Senate.
14 hours ago
#creditunions emphasize co-op principles during National Co-op Month #NewsNow http://t.co/zEb9UFot1N
21 hours ago
Servicemember's spouse drives away with Bank on More's SUV thanks to #missouri #creditunions http://t.co/WvTrKxh0sV
22 hours ago
From @FHFA this a.m.: U.S. house prices up 0.5% in Aug. on seasonally adjusted basis from previous month. More here: http://t.co/1yVDOPggeX
23 hours ago