NEW YORK–( BUSINESS WIRE )–Nov. 10, 2004–JPMorgan Chase & Co. therefore the nationwide Federation of Community developing Credit Unions have actually selected six credit unions in five states to generate and develop options to high-cost “payday” loans for customers.
Beginning early the following year, the financial institution will be able to work using the credit unions in Ca, Illinois, Louisiana, ny and Ohio to greatly help low-income customers whom now use short-term loans to hold them over until their next paycheck. These customers are faced with high fees and rates for loans as short as a week or two with few choices.
” Through an approval that is rigorous, we selected these credit unions due to their strong documents of enhancing the communities they provide,” said Lewis Jones, president of this J.P.