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Wisconsin asks league for payday loan alternative
PEWAUKEE, Wis. (4/11/08)--Wisconsin's State Treasurer's office has expressed an interest in working with the Wisconsin Credit Union League to set up an alternative payday lending program, the league has confirmed. Jim Drogue, vice president of league operations said he would be contacting the state to follow up on the request. "Whether it's through a low-cost payday alternative product or a basic short-term loan, Wisconsin credit unions are working to meet their members' immediate financial needs," he said. "We're looking forward to speaking with the State Treasurer's office and exploring opportunities that will further those efforts." The league has just made its Stretch Pay payday loan program available to credit unions in the state and is working on plans to promote that. The state treasurer's office also told the National Credit Union Foundation it wanted to work with the league on the product. Lois Kitsch, NCUF's program director for REAL Solutions, said Wisconsin is leading the nation in terms of REAL Solutions participants. "WCUL and the 102 Wisconsin REAL Solutions Partner credit unions are committed to reach deep into their communities to provide a variety of products and services designed to help their members move up a path to financial security," Kitsch said. "Doing so is proving to be a good business decision for the credit unions while at the same time fullfilling their rich history of social values. "Now that REAL Solutions is working in 27 states, we are proud to see the first REAL Solutions state reach such a milestone of success," Kitsch said. Credit unions in Pennsylvania also are working with that state's treasurer on a payday loan alternative.
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