Members of Pennsylvania credit unions have saved nearly $7 million over what they would have spent with payday lenders, according to the Pennsylvania Credit Union Association.
The PCUA reported that since 2006, members of credit unions offering Better Choice loans have taken out 20,000 loans worth more than $9.3 million and, in doing so, saved $6.7 million.
"When consumers are in need of cash, credit unions have stepped in to fill this void with affordable short-term loans," said Jim McCormack, CEO of the PCUA. "Also, the credit unions are offering financial coaching to borrowers to help them in budget and manage money."
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