NEW YORK–( COMPANY WIRE )–Nov. 10, 2004–JPMorgan Chase & Co. plus the nationwide Federation of Community developing Credit Unions have actually selected six credit unions in five states to generate and develop alternatives to high-cost “payday” loans for customers.
Beginning year that is early next the financial institution will continue to work because of the credit unions in Ca, Illinois, Louisiana, ny and Ohio to simply help low-income customers whom now utilize short-term loans to hold them over until their next paycheck. With few alternatives, these clients are confronted with high charges and rates for loans as short being a fourteen days.
” Through an approval that is rigorous, we selected these credit unions for their strong documents of enhancing the communities they provide,” stated Lewis Jones, president of this J.P. Morgan Chase Foundation. “These brand brand new lovers will be able to work difficult on the year that is next find practical options which will help customers and their own families keep a lot more of their hard-earned cash.”
The funds totaling $225,000 is certainly going to (in alphabetical purchase):
ASI Federal Credit Union (Harahan, Los Angeles) $25,000 – ASI FCU serves people, families and organizations from five parishes in Louisiana. The credit union shall introduce “APPLE” consolidation loans to greatly help people pay back debts all the way to $1,000 which are owed to predatory lenders. Borrowers could have as much as 18 months to pay for straight straight straight back these low-interest loans, at A apr that is fixed of 10 %. (more…)