Credit union swaps pay day loans for friendlier offering

Credit union falls loan that is controversial after iWatch News investigation

Introduction

A Utah-based loan provider showcased prominently in a iWatch Information research of payday financing at credit unions has stopped attempting to sell the controversial loans and it is alternatively providing an even more consumer-friendly item.

Hill America Credit Union had provided its 320,000 member-owners a “MyInstaCash” loan that topped away at an 876 % yearly rate of interest for a $100, five-day loan.

Credit unions remake by themselves in image of payday loan providers

These short-term, quick unsecured loans are often due if the debtor receives his / her next paycheck.Read More