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North Carolina's SECU Wins Statewide Award for Salary Advance Cash Account

GREENSBORO, N.C. - State Employees' Credit Union earned the annual Louise Herring Award in recognition of its Salary Advance Loan Program. The account is designed to help people who use SECU's Salary Advance Loan save funds by requiring users to deposit 5% of the loan amount into a Salary Advance...

By Staff Writer | Updated on July 06, 2004

GREENSBORO, N.C. – State Employees’ Credit Union earned the annual Louise Herring Award in recognition of its Salary Advance Loan Program. The account is designed to help people who use SECU’s Salary Advance Loan save funds by requiring users to deposit 5% of the loan amount into a Salary Advance Cash Account. SECU loan officers then work with the Salary Advance participants to help them “break” the cycle of payday lending. In addition to its Salary Advance Loan Program, SECU also offers free financial counseling and budget guidance services through BALANCE. In addition to winning this year’s Louise Herring Award which was presented to SECU at the North Carolina Credit Union League’s 69th annual meeting in Pinehurst the week of June 14, SECU also won the state Louise A. Herring Award for Philosophy in Action in 2002 and 1992. In presenting the award, NCCUL President/CEO John Radebaugh said, “Many payday lenders are charging excessive fees and interest rates to customers who are at a most vulnerable place. By offering a fairly priced loan as well as a way out of the cycle of debt, State Employees’ Credit Union is truly showing that it is committed to serving all people.”

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