ROCK HILL, S.C. — In what appears a new and innovative approach to payday products, the $200 Family Trust Federal Credit Union said today it is getting an "outstanding" public response to "Lifeline Advance" loans incorporating both a savings feature and a $35 program fee.
"We've been doing research on this for months now borrowing from both State Employees in North Carolina and from Wright Patt in Ohio to come up with a product that is break-even and meets needs of payday borrowers," explained Lee Gardner, president/CEO.
Since its debut in mid-May, more than 240 Lifeline Advance loans have been extended with $100,000 in credit lines accompanied by only $8,500 in 30-days past due "no bigger any projected loss that you might get on a single car loan," said Gardner.
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