SAN FRANCISCO-Six credit unions here are among the financial institutions here partnering with the City of San Francisco to begin offering Payday Plus SF, an alternative payday loan.
The product is being offered as part of the "Bank on San Francisco" initiative aimed at getting unbanked consumers to develop relationships with financial institutions rather than check-cashing services.
With Payday Plus SF, participants can borrow up to $500 at a low interest rate, learn healthy financial habits and build credit. Participants include San Francisco Federal Credit Union, Mission SF Federal Credit Union, Northeast Community Federal Credit Union, Patelco Credit Union, Redwood Credit Union and Spectrum Federal Credit Union.
The program was kicked off by San Francisco Mayor Gavin Newsom, Treasurer José Cisneros and Congresswoman Jackie Speier.
