NEW YORK–( COMPANY WIRE )–Nov. 10, 2004–JPMorgan Chase & Co. as well as the nationwide Federation of Community developing Credit Unions have actually selected six credit unions in five states to produce and develop options to high-cost “payday” loans for customers.
Starting early the following year, the lender will be able to work utilizing the credit unions in Ca, Illinois, Louisiana, nyc and Ohio to aid low-income customers whom now use short-term loans to transport them over until their next paycheck. With few alternatives, these clients are confronted with high charges and prices for loans as short being a fourteen days.
” by way of an approval that is rigorous, we selected these credit unions for their strong documents of improving the communities they provide,” stated Lewis Jones, president associated with J.P. Morgan Chase Foundation. “These brand brand new lovers will be able to work difficult throughout the the following year to find practical options that will assist customers and their own families keep a lot more of their hard-earned cash.”