Many months ago, the National Credit Union Administration announced its intends to expand payday alternative loan choices for credit unions. The brand new effort focuses on producing an additional product that credit unions could use in their offerings along with existing PAL programs.
The proposed guideline for Payday Alternative Loans II would include four changes that are key
– Eliminating the minimum loan amount and setting a maximum loan quantity at $2,000- establishing a maximum term of one year- No minimum period of credit union membership required- No limitation regarding the wide range of loans credit unions will make to borrowers in a six-month period (so long as the debtor just has one outstanding loan at the same time). 继续阅读Credit unions send NCUA returning to the drawing board on PAL proposition