Pennsylvania Offers “Better Choice” To Borrowers
Some credit unions in Pennsylvania are planning to provide members statewide with an alternative to payday lending. Thirteen credit unions have signed on so far for the Pennsylvania Credit Union Association’s new "Better Choice" program. Pittsburghlive.com reports:
Here’s how it works: Members will be able to take out installment loans of up to $500 for a maximum of 90 days. There’s a $25 application fee and 18 percent annual percentage rate interest. And 10 percent of the loan amount — $50 on a $500 loan — is deposited into a savings account in the member’s name.
Read more: ‘Better Choice’ may be offered