Unitus Community CU Launches Payday LoanProgram
PORTLAND, Ore. - (01/03/04) -- Unitus Community CU said it roll outa payday lending alternative for members. The 'Advance Loan'program allows eligible members to borrow from $50 to $500 on arepayment plan of one month for each $100 borrowed. Unlike mostpayday loans, members are not required to pay back the loan amountin full within one pay period, but have up to three months to repaythe amount borrowed. The credit union is hoping to stem the numberof times a borrower 'rolls over' their debt by allowing them tomake small, affordable monthly payments. Members who qualify arebeing invited to attend a free 'Understanding Your Credit' seminar.Qualification criteria include completing one application, inperson, and providing a recent pay stub or other evidence of income(such as a social security statement), a photo ID and the name,address and phone number of a personal reference.