ROCK HILL, S.C. — Debuting what is being called an innovative approach to payday products, the $200 million Family Trust Federal Credit Union has rolled out "Lifeline Advance" loans incorporating both a savings feature and a $35 program fee.
The pre-approved product with a $500 limit is already garnering buzz from the media and lawmakers who applaud the South Carolina CU for pushing ahead with a payday alternative at a time neighboring North Carolina and Georgia are shutting down or crimping operations of the payday shops.
"What we've done is to borrow 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.
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
© 2025 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.
