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Langley Federal Credit Union Rolls Out PayDay Loan Alternative

NEWPORT NEWS, Va. - The $1 billion Langley FCU is rolling out a product that it hopes will help young service members at Langley Air Force Base save money by not using the payday lenders that ring the base. Dubbed QuickCash, the program will aim to significantly undercut the area's...

By Staff Writer | Updated on June 15, 2004

NEWPORT NEWS, Va. – The $1 billion Langley FCU is rolling out a product that it hopes will help young service members at Langley Air Force Base save money by not using the payday lenders that ring the base. Dubbed QuickCash, the program will aim to significantly undercut the area’s payday lenders. For example, the credit union estimated that a $500 loan for two weeks at the prevailing rate in the area will cost a member $75. But the $500 in the quick cash program will cost the member only $3.48 in interest. “We tried to create a program that was affordable and featured quick, easy approval. We call it a smart alternative to payday lenders,” stated Jean Yokum, CEO with the credit union. Langley developed the program based upon feedback from its Air Force Base Advisory Board. The Board informed LFCU management that payday loans and their associated fees were a major source of financial problems for personnel. The credit union plans to promote the program internally, advertise in the base newspaper and include it in its educational programs on base.

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