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CU System
Ohio payday lenders close CUs touted as alternatives
SPRINGFIELD, Ohio (5/20/08)--Credit unions received positive attention from the Ohio Coalition for Responsible Lending as a place that Ohio's consumers can turn to for alternative loans as payday lenders leave the state. The Springfield News Sun (May 16) reported that Cash America, which operates Cashland and Cash America Payday Advance, said it would close nearly all its Ohio stores in response to state legislation regulating interest rates and other payday lending practices. Tom Allio, chairman of the coalition, discussed the pending legislation, which would create a program to offer incentives for nonprofits and banks to make small loans. He told the newspaper that consumers can turn to credit unions for a "much more affordable product." The story highlighted payday alternative loans from International Harvester Employee CU, Springfield, and Wright Patt CU, Fairborn. For the full article, use the link
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