NEW YORK ( COMPANY WIRE )–Nov. 10, 2004–JPMorgan Chase & Co. plus the nationwide Federation of Community developing Credit Unions have actually selected six credit unions in five states to generate and develop alternatives to high-cost “payday” loans for customers.
Beginning early the following year, the lender works aided by the credit unions in Ca, Illinois, Louisiana, nyc and Ohio to aid low-income customers whom now use short-term loans to hold 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.
” Through a rigorous approval procedure, we selected these credit unions for their strong documents of enhancing the communities they provide,” stated Lewis Jones, president of this J.P. Morgan Chase Foundation. “These brand brand new lovers is going to work difficult on the year that is next find practical alternatives that will assist customers and their families keep a lot more of their hard-earned cash.”