Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Harrisburg Patriot-News Endorses PCUA's Better Choice Program
HARRISBURG, Pa. (7/9/13)--The savings plan that credit unions offer as part of the Credit Union Better Choice program in Pennsylvania was endorsed Friday in an editorial by the Harrisburg (Pa.) Patriot-News Editorial Board.

"Credit unions, working with the state, offer struggling Pennsylvanians short-term loans with more affordable interest rates and longer payback times," said the editorial. "The loans include a savings plan to help the borrowers build up a financial cushion. That way, they won't get locked into repeatedly taking out those expensive short-term emergency loans.

"Instead of letting legal loan sharks set up shop in Pennsylvania, the legislature should be trying to make the credit unions' responsible, short-term lending alternative available to every Pennsylvanian who might need it," the editorial  added.

The Pennsylvania Credit Union Association's Better Choice Program offers a payday loan alternative that includes financial counseling and required saving with a lower-cost, short-term loan. More than 70 credit unions in the state offer 90-day loans with a $500 limit. Since the program began in 2006, it has loaned more than 64,000 short-term loans--totaling $32 million--to credit union members (News Now June 5).
 
The program has saved borrowers more than $23 million over using a traditional payday lending product, said PCUA.   
 
To read the editorial, use the link.
RSS





print
News Now LiveWire
CUNA: CUNA offices closed through Friday, News Now returns Monday http://t.co/a5xbLzQKDj
12 24 ago
Reminder: @CUNA's Madison, D.C. offices will be closed through Friday, open again on Monday. #NewsNow will publish Monday.
12 23 ago
MI dentist to match @CUDirect's $20K to @HurleyMedical as a result of #20for20 online voting http://t.co/hqmIc9LpK1 @CMNHospitals
12 23 ago
New #creditunion chartered in St. Louis - #LutheranFCU - by @TheNCUA http://t.co/faPfANGS0P. Only 3rd new FCU charter this year.
12 23 ago
Don't get hacked during the holidays-use these tips from @CUNA http://t.co/jEqxni6NhO #StoptheDataBreaches http://t.co/woIxPOIyys
12 23 ago