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NEW YORK–( COMPANY WIRE )–Nov. 10, 2004–JPMorgan Chase & Co. therefore the nationwide Federation of Community developing Credit Unions have actually selected six credit unions in five states to generate and develop options to high-cost “payday” loans for customers.

Beginning early the following year, the financial institution works with all the credit unions in Ca, Illinois, Louisiana, New York and Ohio to assist low-income customers whom now utilize short-term loans to transport them over until their next paycheck. These customers are faced with high fees and rates for loans as short as a week or two with few choices.

” by way of a rigorous approval procedure, we selected these credit unions due to their strong documents of enhancing the communities they provide,” stated Lewis Jones, president regarding the J.P. Morgan Chase Foundation. “These brand brand new lovers is going to work difficult throughout the year that is next find practical options that will assist consumers and their own families keep a lot more of their hard-earned cash.”

The funds totaling $225,000 is certainly going to (in alphabetical order):

ASI Federal Credit Union (Harahan, Los Angeles) $25,000 – ASI FCU serves people, families and companies from five parishes in Louisiana. The credit union will introduce “APPLE” consolidation loans to simply help users pay back debts all the way to $1,000 which can be owed to predatory loan providers. Borrowers has around eighteen months to pay for right back these low-interest loans, at A apr that is fixed of ten percent. ASI could also be helpful their people develop assets while paying down their loan; a percentage of each loan that is APPLE may be put in a brand new family savings, to greatly help the user through future emergencies. Read more »