CDCU Fledgling Offers Savings Tie-In ToPayday Borrowers

January 03, 2006, 1:00 a.m. EST 1 Min Read

OLYMPIA, Wash. - (01/03/06) Payday loans offered byfledgling community development credit union TULIP CU will includea savings tie. The year-old CDCU will begin offering payday loanslater this month with a requirement that borrowers put away a smallamount each time they take out a loan in a restricted account.Every three months borrowers will be given the option of moving thefunds into a savings account or withdrawing the money. The new CDCUis one of about 10 credit unions in Washington to offer paydayloans.

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