The National Federation of Community Development Credit Unions announced a new program designed to help New York City area CDCUs offer payday loan alternatives last week.

The “Borrow and Save” loans will be available from at least two CDCUs in New York, the 3,700-member, $8 million Union Settlement Federal Credit Union in East Harlem and the 229-member, $139,000 Love Gospel Assembly Federal Credit Union in the South Bronx, the National Federation announced at a press conference.

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