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INFLUENCE: Credit union swaps payday advances for friendlier offering

INFLUENCE: Credit union swaps payday advances for friendlier offering

Credit union falls loan that is controversial after iWatch News investigation

Introduction

A Utah-based loan provider showcased prominently in a iWatch Information investigation of payday financing at credit unions has stopped offering the controversial loans and it is instead providing an even more consumer-friendly item.

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

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Debt Deception?

Credit unions remake on their own in image of payday lenders

These short-term, short term loans usually are due if the debtor gets their next paycheck. Customer teams state loan providers charge excessive interest and usually trap borrowers in a period of financial obligation they can’t escape.