Ohio CUs Offer Payday Loans

December 28, 2004, 1:00 a.m. EST 1 Min Read

DAYTON, Ohio - (12/28/04) -- Three area credit unions areoffering short-term payday loans they hope will prove an attractivealternative to high-cost payday lenders. The Salary Advance Programoffered by Day Air CU, Wright-Patt CU and Code CU, provides 30-dayloans of up to $250 for a $3 fee, about 18% annual interest. Thatamounts to a fraction of interest charged on a typical payday loan.The amount of the loan can be increased to $500 if the borrowerrepays on a timely basis. The credit unions also charge a one-timefee of $35 to join the program.

Processing Content

For reprint and licensing requests for this article, click here.

MORE FROM AMERICAN BANKER

Cyber security

Betterment data breach exposes 1.4 million customers

Threat group ShinyHunters claimed responsibility for the attack, which reportedly targeted third-party platforms rather than Betterment's own systems.

By Carter Pape

February 6
Commercial banking

Banks gain amid software stock rout, despite credit questions

Artificial intelligence developments are stoking investor fears about software companies. Banks' limited exposure to the sector and general stability is proving attractive to investors.

By Catherine Leffert

February 6
Industry News

Prosperity completes second of three Texas M&A deals

Prosperity Bancshares finalizes the second of three acquisitions it's announced since July; Sumitomo Mitsui Banking Corporation appoints a new chief information security officer for its American operations; Huntington Bancshares, Third Coast Bancshares and Heritage Financial completed acquisitions; and more in this week's banking news roundup.

By Allissa Kline

February 6
Federal Reserve

Fed 'skinny accounts' take early heat from crypto, fintechs

Fintech and crypto groups said in comment letters to the Federal Reserve that the proposed "skinny" master account is too limited and could keep firms dependent on banks. Banking groups asked for more time to comment.

By Maria Volkova

February 6
Artificial intelligence

Fed's Jefferson wary of inflationary pressure from AI

Federal Reserve Vice Chair Philip Jefferson said in a speech Friday that long-term productivity gains brought on by artificial intelligence could compel the central bank to maintain higher rates to keep prices stable.

By John Heltman

February 6
Biometrics

The future of palm payments after Amazon's pullback

While the e-commerce giant has deemphasized the technology, banks and payment firms are testing the biometric option.

By Cheryl Winokur Munk

February 6