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Papers address alternative payday loans lending excellence
MADISON, Wis. (4/29/08)--Credit unions can learn how to develop a payday lending alternative program and about the 2007 Excellence in Lending Award winners in two new white papers from the CUNA Lending Council. “Payday Lending: The Credit Union Way” guides credit unions through the process of developing a payday-alternative loan program. The paper explains what payday loans are, who uses them, and possible alternatives to payday loans. The paper touches on options credit unions should consider when offering a short-term loan and includes an appendix to help with those decisions. The other white paper, “Building the Basics: 2007 Excellence in Lending Awards Recognize Results and Innovation,” describes the consumer lending, mortgage lending and lending to members of low-to-modest means programs of five credit unions: Sound CU, Tacoma, Wash.; 360 FCU, Windsor Locks, Conn.; Boulder Valley CU, Boulder, Colo.; Syracuse Cooperative FCU, Syracuse, N.Y.; and North Island CU, Chula Vista, Calif. CUNA Council members can receive complimentary copies of the papers; non-members can purchase the white papers for $50 per copy. For more information, use the links.
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