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State Employees’ Credit Union comes up to Major Milestone with its inexpensive Payday Alternative Loan Program 03-11-2008 Raleigh, NC – State Employees’ Credit Union (SECU) declares it has now passed the $1 billion mark for cumulative advances on its Salary Advance Loan (SALO) program, which originated in January 2001 as an inexpensive variant to excessive fee payday lenders. SECU has provided nearly 100,000 members with the program, saving them $145 million compared to the cost of ordinary payday loans. SECU’s loan is also beneficial because of a savings component, which is the key to helping participants make savings and doing away with the payday lending cycle. Nowadays, SECU SALO program users, who had no preceding savings, now have accumulated savings exceeding $13.2 million! Ordinary payday lenders charge on average $15 per hundred dollars borrowed, which costs users over $150 million for $1 billion in loan advances. In comparison, $1 billion in advances on SECU’s payday alternative costs Credit Union members only $5.9 million! SECU’s SALO product is without fee, low interest 12% loan that permits users to borrow up to $500 monthly and repay the loan every month with money from their following paycheck. The savings peculiarity of SECU’s SALO is that product automatically keeps back 5% of the borrowed sum of money and puts it in a savings account for the member to help cover future expenses, providing an actual financial literacy example of saving and budgeting for future expenses. Phil Greer, Senior Vice-President of SECU’s Loan Administration department says, “As the numbers indicate, SECU’s Salary Advance Loan Program has offered a fruitful variant to users who were being made good use of by payday lenders. Not only the Credit Union has been able to save users millions of dollars in interest, but we also have given them an extraordinary possibility to accumulate good savings and make a positive financial difference in their lives. State Employees’ Credit Union is committed to offering its members with programs and services that satisfy their needs, without damaging their financial welfare. It’s all about ‘Doing the Right Thing’ and we can think of no better example than putting more than $150 million back into the wallets of our users and North Carolina’s economy!” About SECU, SECU is a non-profit financial cooperative possessed by its members. SECU has been offering the workers of the State of North Carolina and their family members consumer financial services for 70 years. Presently serving over 1.4 million users, SECU provides services through over 215 subdivision offices, 975 ATMs, two call centers and a website. Payday Loans Articles [ Payday loans on the rise ] Dollar Financial Corp. Comments on Recent FDIC Guidance Payday loans suggested only as a last resort CFSA Says: Various Add-on Fees, Charges, Credit Insurance Make GILA Loan Costs Higher Than Payday Advance McDaniel orders payday lenders to shut down Police calls S&P Global Credit Markets Digest Cash Now News: Payday Loan and Check-Cashing Leader Cash Now Offering Special Bulk Pricing and Flexible Plans for Entrepreneurs LitFunding Corp Appoints New Director NationwideCash Chooses VoIP, Inc.'s Click-to-Call Technology To Enhance Customer Experience at Leading Payday Loan Provider | Assess your financial opportunities with us! Make your dream a reality, plan your budget with Auto Loan Calculator! Have you heard about Auto Loan Refinancing? Get secure and fast auto loans with us! We are eager to provide you with the auto loan you wish. Find the loan on flexible conditions! How to get pre-qualified auto loan leads? Apply to us - it's easy and fast! The advantages and disadvantages of auto title loans. |
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