Credit unions will have an alternative choice to supply people fast access to funds minus the high interest levels, rollovers and ball n repayments that accompany old-fashioned payday financial products. In September 2019, the nationwide Credit Union Association (NCUA) Board authorized a last guideline to enable credit unions to provide an extra payday alternative loan (PAL) for their users.
The NCUA authorized credit unions to start providing this brand new option (known as PAL II) effective December 2, 2019. [Read more...]