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StretchPay now offered at 170 branches
COLUMBUS, Ohio (10/30/09)--StretchPay, the short-term loan program offered by credit unions as a salary-advance alternative, is now offered at 170 branch locations in six states and in Washington, D.C. Collectively, credit unions offering StretchPay have made 66,000 advances totaling more than $24 million through Sept. 30--a slight increase over the same period last year, said the Ohio Credit Union League (eLumination Newsletter Oct. 28). Credit unions made 85,090 StretchPay advances totaling $32.4 million through year-end 2008, the league added. Changes have been made to the program to make it compliant with the federal Credit Card Accountability, Responsibility and Disclosure (CARD) Act of 2009. As of Sept. 15, StretchPay no longer is a 30-day, short-term loan product. It now is a short-term revolving loan with repayment due dates, ranging from 28 to 60 days, said the league (News Now Sept. 18).
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