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Credit union attempts pay day loans

Credit union attempts pay day loans

The Everett branch associated with the Washington State Employees Credit Union is part of the pilot task to go the corporation in to the cash advance business.

This program, called Q-Cash, has raised some eyebrows when you look at the economic solution industry, where payday financing is seen with a few speedy cash loans title loans distaste, stated Kevin Foster-Keddie, the president of this organization that is olympia-based.

“We have that effect a whole lot,” he stated.

However the goal is reduce steadily the number of credit union people who will be counting on the short-term, high-interest loans to help make ends fulfill, he said. “We think we are able to actually replace the means payday financing is done and set a brand new standard for just exactly exactly how it is done appropriate.”