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Some Nevada credit unions provide payday advances, but most avoid short-term financing

Some Nevada credit unions provide payday advances, but most avoid short-term financing

The CEO of just one associated with biggest credit unions in Nevada indicated concern Wednesday about their users’ utilization of payday advances but stated short-term loans offered through their credit union was included with cheaper prices and better solution compared to those provided through storefronts or online.

The CEO of just one associated with credit unions that are largest in Nevada indicated concern Wednesday about their users’ usage of payday advances but stated short-term loans offered through their credit union included cheaper rates and better solution compared to those provided through storefronts or online.

Brad Beal, president and CEO regarding the 75,293-member One Nevada Credit Union, stated the credit union re-entered the loan that is payday just last year using the launch of Advance Pay.

“It happens to be well received,” he said. “We problem several hundred loans a thirty days.”

Beal declined to reveal the final number of loans given. He cautioned people that pay day loans are a “very high priced method to borrow money.”

“We do not suggest it,” he stated. “If a part is utilizing it somewhere else, it is our responsibility to supply it better value.”

Through Advance Pay, One Nevada offers up to $1,000, for as much as a couple of weeks, for the $100 cost, compared to $170 charged by other lenders that are payday.

The matter of credit unions and loans that are payday come under increased scrutiny recently by customer advocates. (more…)