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Credit union swaps pay day loans for friendlier offering

Credit union swaps pay day loans for friendlier offering

Introduction

A Utah-based loan provider showcased prominently within an iWatch Information research of payday financing at credit unions has stopped attempting to sell the controversial loans and it is alternatively providing an even more product that is consumer-friendly.

Hill America Credit Union had provided its 320,000 member-owners a “MyInstaCash” loan that topped down at an 876 per cent yearly interest for a $100, five-day loan.