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INFLUENCE: Credit union swaps loans that are payday friendlier offering

INFLUENCE: Credit union swaps loans that are payday friendlier offering

Credit union falls loan that is controversial after iWatch News investigation

Introduction

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

Mountain America Credit Union had provided its 320,000 member-owners a “MyInstaCash” loan that topped down at an 876 per cent yearly rate of interest for a $100, five-day loan.

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