The story below describes how credit unions in Ohio are getting into the short-term loan business. One credit union is offering an 18% loan, BUT with a $35 sign-up fee. The reporter didn’t bother to calculate the total cost of that type of loan compared to a payday advance. Lisa Ferguson of Checksmart Financial, a CFSA board member company, is quoted giving the industry point of view. http://www.springfieldnewssun.com/hp/content/oh/story/news/local/2008/03/01/sns030208loans.html
Do Ohio credit unions offer cheaper short-term loans? Not clear.
Posted on March 2, 2008 by paydaypundit
