PCUA announces statewide payday alternative
HARRISBURG, Pa. (10/20/06)--The Pennsylvania Treasury Department made a $20 million deposit to support the new Credit Union Better Choice program that provides an alternative to payday loans.
The treasury, the state Department of Banking and the Pennsylvania Credit Union Association (PCUA) developed the program, which provides a $500, 90-day installment loan at 18% or less with an application fee of $25.
Thirty-seven credit unions with 129 locations have pledged to offer the short-term loans, which include a savings component equal to 10% of the loan amount and financial education.
The $20 million was deposited in an interest-bearing account in the credit union system.
"With so many families living paycheck to paycheck, I am pleased that once again credit unions have united to support working Pennsylvanians," said PCUA President/CEO Jim McCormack.
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