Credit unions increasingly offer high-rate loans that are payday

Credit unions increasingly offer high-rate loans that are payday

To scores of member-customers, credit unions would be the monetary exact carbon copy of an uncle that is trusted dispensing wise loans for vehicles, domiciles, and training with no revenue motive of old-fashioned banking institutions.

But motivated by federal regulators, an ever-increasing wide range of credit unions are contending straight with conventional payday loan providers, offering little, short-term loans at rates far greater than these are generally allowed to charge for almost any other item. […]