Let me make it clear about Six Credit Unions Selected to get Payday Loan Alternatives

Let me make it clear about Six Credit Unions Selected to get Payday Loan Alternatives

NEW YORK—( COMPANY WIRE )—Nov. 10, 2004—JPMorgan Chase & Co. therefore the nationwide Federation of Community Development Credit Unions have actually selected six credit unions in five states to produce and develop options to high-cost «payday» loans for customers.

Beginning year that is early next the lender is going to work using the credit unions in California, Illinois, Louisiana, New York and Ohio to assist low-income customers whom now utilize short-term loans to hold them over until their next paycheck. These customers are faced with high fees and rates for loans as short as a week or two with few choices.

» Through an approval that is rigorous, we selected these credit unions due to their strong documents of enhancing the communities they provide,» stated Lewis Jones, president associated with J.P.

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