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Why don't banks offer payday loan alternatives?

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To provide credit union members with an alternative to high-cost payday loans, the National Credit Union Administration (NCUA) allows under its regulation federal credit unions to offer small-dollar loans called payday alternative loans (PALs). read more

Payday alternative loan lookalikes. Official PALs are offered by federal credit unions, but many state-chartered credit unions have similar products. And some federal credit unions that don’t provide official PALs have their own versions of payday alternative loans. read more

Payday loans can be the perfect solution to a temporary financial blip. Perhaps you miscalculated the month's budget, have an unforeseen bill that needs paying, or you need to get the car fixed. If the debt can be settled at the time of your next pay check, then a payday loan is definitely worth considering. read more

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Credit union group offers alternative to payday loans ...
Source: toledoblade.com

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