HARRISBURG, Pa. — Though proportionately the numbers remain small, 45 Pennsylvania credit unions have now signed up for "Better Choice," the branded payday loan product launched last summer by the Pennsylvania Credit Union Association.
"Remember, this is a product that takes plenty of internal programming and there are many small credit unions in this state which are a little cautious about getting into something like this," explained Thomas Mies, vice president of lending at the $533 million American Heritage Federal Credit Union in Philadelphia, which plans an April debut of Better Choice.
Better Choice, launched in August 2006 and funded last January with an extraordinary $20 million investment by the state treasurer's office, provides 90-day, $500, 18% loans with a $25 application, a savings feature and counseling.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
