Categories
cash america loans safe online payday loans

Some Nevada credit unions provide pay day loans, but most avoid short-term financing

Some Nevada credit unions provide pay day loans, but most avoid short-term financing

The CEO of just one regarding the credit unions that are largest in Nevada indicated concern Wednesday about their users’ usage of pay day loans 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 1 associated with the credit unions that are largest in Nevada indicated concern Wednesday about their users’ usage of pay day loans 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.

Brad Beal, president and CEO of this 75,293-member One Nevada Credit Union, stated the credit union re-entered the pay day loan company a year ago using the launch of Advance Pay.

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

Beal declined to reveal the final amount of loans given. He cautioned people that payday advances are a “very costly method to borrow money.”

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

Through Advance Pay, One Nevada offers up to $1,000, for as much as fourteen days, for a $100 charge, in contrast to $170 charged by other lenders that are payday.

The problem of credit unions and pay day loans has come under increased scrutiny recently by customer advocates.