brand New pay day loan Alternative Offers More Benefits for Credit Unions and their users

Credit unions will have an alternative choice to provide users immediate access to funds minus the high rates of interest, rollovers and balloon re re re payments that accompany old-fashioned payday financial products. the nationwide Credit Union Association (NCUA) Board authorized a rule that is final enable credit unions to provide an extra payday alternative loan (PAL) with their users.

The NCUA authorized credit unions to start providing this brand new option (known as PAL II) effective December 2, 2019.