Cash Pay Advance - State Employees’ Credit Union Reaches Major Milestone With its Low-Cost Payday Alternative Loan Program (Business Wire via Yahoo! Finance)
SECU has served nearly 100,000 members with the program, saving them $145 million compared to the cost of typical payday loans. To date, SECU SALO program users, who had no previous savings, now have cumulative savings exceeding $13. Typical payday lenders charge an average of $15 per hundred dollars borrowed, which costs consumers over $150 million for $1 billion in loan advances. Not only has the Credit Union been able to save members millions of dollars in interest, we have given them a unique way to accumulate substantial savings and make a positive financial difference in their lives. SECU has been providing the employees of the State of North Carolina and their families with consumer financial services for 70 years. Find Out More
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