RICHMOND, Va. – Virginia CU has lent almost $1.4 million to 2,800 state employees under its recently launched Virginia State Employee Loan Program.
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The payday loan program, which requires state employees to join the credit union to participate, charges 24.99% APR and allows employees to borrow up to $500 for as long as six months. State employees must have direct deposit of their pay to participate.
Employees can take out one loan at a time and are restricted to two per year.
Participants must attend a financial literacy course as part of the program.
