Pennsylvania Credit Unions Provide Payday Lending Alternative

Pennsylvania Credit Unions Provide Payday Lending Alternative

Cash-advance companies, also referred to as payday loan providers, offer loans to working customers who require instant money before they get their next paycheck. Consumers supply a check that is post-dated electronic bank checking account information as security for the loan. The annual percentage rate (APR) of interest for a 14-day advance of $100 or $200 can be 460 percent at a payday lender.

There are many than 23,000 cash advance outlets

The PCUA created Credit Union Better Selection (CUBC) and offered it to its user credit unions, which may have a choice of providing it to present as well as other qualified users. Continue reading