Six Credit Unions Selected to Seek Payday Loan Alternatives

NEW YORK–( COMPANY WIRE )–Nov. 10, 2004–JPMorgan Chase & Co. while the nationwide Federation of Community developing Credit Unions have selected six credit unions in five states to generate and develop alternatives to high-cost “payday” loans for customers.

Beginning early the following year, the lender will be able to work with all the credit unions in Ca, Illinois, Louisiana, ny and Ohio to greatly help low-income customers whom now utilize short-term loans to hold them over until their next paycheck. With few choices, these clients are confronted with high costs and prices for loans as short being a fortnight.

” by way of a rigorous approval procedure, we selected these credit unions because of their strong documents of enhancing the communities they provide,” stated Lewis Jones, president associated with J.P. Morgan Chase Foundation. “These brand brand brand new lovers is going to work difficult throughout the the following year to find workable options that will assist customers and their families keep a lot more of their hard-earned cash.”

The funds totaling $225,000 is certainly going to (in alphabetical purchase):

ASI Federal Credit Union (Harahan, Los Angeles) $25,000 – ASI FCU serves people, families and companies from five parishes in Louisiana. Continue reading →