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Credit unions remake by themselves in image of payday loan providers

INFLUENCE: Credit union swaps pay day loans for friendlier offering

Consumer teams typically warn against borrowing at interest levels more than 36 % per year. That’s the utmost permitted by many people states and also by the U.S. Defense Department for loans to active-duty people in the army.

The most notable U.S. regulator of credit unions told iWatch Information she hopes more will follow payday-style financing with brand new guidelines that arrived on the scene of her very own experience working at a credit union. Continue reading