Rob McCord, Pennsylvania State Treasurer is continuously admiring a payday loan program of a credit union. This program has been reported to save its members worth $15 million.

The $125 million Cross Valley Federal Credit Union was visited by Rob McCord to find out about its Credit Union Better Choice program. According to the Treasury Department of Pennsylvania, this program was said to have given assistance to three women who were faced with unexpected expenses. This Wilkes-Barre, Pa.- based credit union has been reported to have issued around 280 Better Choice payday loans to about 101 of its members since the year 2007.

Better Choice Payday loan was launched in 2006 through a joint venture between Pennsylvania Credit Union Association and the state. Since then, the participating credit unions was said to have made about 43,000 Better Choice loans that amounted to a total of $20.5 million.

Officials said that the loans have given its members a total savings that amounted to $15 million. This cost includes fees especially interest charges that goes with most payday lending products. Better Choice Payday Loan is available at about 79 credit unions in almost 222 Pennsylvania locations.

Mc Cord said that the Better Choice Program is especially designed for people who seek payday lenders because of economic struggles that lead to difficulties in making ends meet. He adds that this program is a better option for these people.

The President and Chief Executive officer of Cross Valley FCU, Edward Kaushas, said that the decision to offer the loan came easily. Their company is happy to know that the program is able to reach out to many people and make a big impact in their lives and in their families.

The typical charge for a $500 payday loan is about $15 for every $100 that is borrowed in a two week period. For a 90-day period, the fees for the same loan will reach about $450. However, in the Better Choice program, the cost of this type of loan for a 90 day period is about $42.50. By the end of the loan period, the borrowers save about $50.

Mc Cord highly spoke about the Better Choice payday loan program. He said that this helps Pennsylvanians expand their dollars for emergency needs without falling into bad debt that most traditional lenders may create.

Related articles
Enhanced by Zemanta

Incoming search terms:

Share and Enjoy:
  • Print
  • Digg
  • Sphinn
  • del.icio.us
  • Facebook
  • Mixx
  • Google Bookmarks
  • Blogplay

Related posts on loans for people with bad credit:

  1. Payday Loans Continue for Kentucky Borrowers Borrowers in debt look for other options as other lenders support the end of payday loan rate restrictions in assembly. Consumers in Kentucky want to open all their options in the decisions they make. This includes choosing the best financial…...
  2. Payday Loan Online with Proof of Income A new company joining the cash advance industry is Payday Loan Buff. This company is providing payday loans to consumers who can apply for loan online by only showing a proof of income. The company announced lately that they plan to…...
  3. Another Attempt to Put a Cap on Payday Loan Interest Rates Lawmakers are passing a bill as a second attempt to control the industry of payday lending. During the previous year, lobbyists and politics had a big role in creating legislations for the purpose of regulating an industry that is said…...
  4. Where to Obtain Short Term Funds like Payday Loans Before the economic challenge took its toll, people dealt with short-term financial challenges by paying a check at a grocery store while hoping that it won’t clear before their next payday comes. This can be quite risky especially when the…...
  5. Getting a Boat Loan Choice That You Can Easily Afford Getting a Boat Loan Choice That You Can Easily Afford Except if you’re flush with a lot more cash than most people on earth, you will need to secure a boat loan for that boat purchase you have been considering. It’s important…...
  6. Payday Loan Scams Help Online Scammers advertising loans with advance fees seek out people who are in great need of money. They promote their products and services in local print materials and legit looking websites online. They entice people to grab their offer by using…...
  7. Acquiring a Payday Loan Support Even with Poor Credit Acquiring a Payday Loan Support Even with Poor Credit People normally experience issues to deal with their finance, especially when the international economic downturn has impacted everyone immediately or indirectly. The salaried people, against the spectrum of increasing market price and…...
  8. Purpose Cash Advance to Provide Online Payday Loans in Wisconsin Purpose Cash Advance is happy to announce the availability of their online payday loans to Wisconsin residents. The state of Wisconsin joins with Mississippi, South Dakota, Utah and Missouri in the list of states that the company has been providing…...
  9. No Faxing Required When Using an Internet Payday Loan No Faxing Required When Using an Internet Payday Loan How excellent will it be if you can get a payday loan online with no faxing needed? It’s now possible to get fast cash through an Internet payday loan rapidly without faxing any…...
  10. Online Payday Loans Come with Many Benefits Online Payday Loans Come with Many Benefits The World Wide Web has created our lives much simpler in several ways. We can now shop in the capability of our houses, pay our bills online and keep in touch with friends and…...

Tagged with: • • • • • • •

Filed under: Personal Finance • payday loans

Like this post? Subscribe to my RSS feed and get loads more!