EWING, N.J. — During the past two weeks more than 1,300 members of Credit Union of New Jersey have opted for a payday loan alternative available to state employees affected by mandatory job furloughs.
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Dubbed "Furlogh Dough," the loan is for two weeks of net pay, up to $2,500, at a fixed rate of 6.99%. It does not require a credit check. The product was launched Nov. 1 and has since been extended through Nov. 30.
The $275-million credit union is projecting it will receive as many as 2,000 applications for the loans. The program was introduced after outgoing Gov. Jon Corzine announced that 10 furlough days would be applied to all state employees between May of 2009 and June of 2010.
